Synova generally targets companies which are valued between £3m and £30m, looking specifically for strong competitive positions, positive earnings with stable cash flows and growth potential.
Mandata provides cloud-hosted software on a subscription basis to owners of commercial vehicle fleets, allowing customers to manage their data and resources to reduce emissions, fuel consumption and allow end-customers see where there goods are being moved.
Synova partner Alex Bowden, who has become a director of Synova, said, “We are delighted to be partnering with Steve and his team who have developed a market leading suite of solutions.
“The haulage and logistics market is demanding ever greater use of technology to manage environmental, commercial and regulatory requirements which will drive increased demand for our products.
“We believe Mandata should benefit significantly from our experience in working with growth businesses to ensure they continue to lead the market.”
In August last year US mid-market firm Pamlico Capital sold TMW Systems, another provider of enterprise software to transportation and logistics companies, to Trimble Navigation for $335m in cash.
Pamlico acquired TMW from the company’s founder in 2005.
During its ownership period Pamlico backed five acquisitions and saw the business grow annual revenue from about $25m to approximately $96m.
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