We worked for a free GPS navigation app used by millions of people around the world to plan, navigate, record and share their outdoor adventures. Founded in 2006, this business was an early app pioneer and has been awarded the Google Android Excellence Award among many others.
Since it’s inception, the business has grown consistently in six countries, with team members speaking 16 languages. In July 2019, the CEO approached Numitas as the company’s Angel investors were keen to explore financial liquidity.
The CEO had previously worked with Numitas and knew that a senior Finance Director engaged on a part time basis was the best option for the business founders, as they would receive commercial evaluation and advice of the growth options ahead of them.
Within two days of our initial conversation, we had introduced a Finance Director who was experienced with early stage fast growth businesses, especially SaaS platforms and who had expertise in fundraising, investor relations, deal structuring and negotiations. Importantly, the Finance Director also needed to be able to work with a ‘sleeves-rolled-up’ approach.
Due to the speed of our response, the expertise of our FD and the credibility of Numitas, we were engaged within two weeks of our initial contact.
The Engagement
Our Finance Director worked with the business on a part time engagement, 1 day per week. During that time, they:
• Reviewed existing financial data, management information and accounts
• Ensured the dataroom was complete and up to date
• Advised on transaction tactics and negotiations with the Board
• Helped respond to detailed questions from the acquirer
• Liaised with third party accountants and lawyers etc, as appropriate
• Assisted the business in securing a successful exit
Outcomes
The engagement meant that the founders received all of the experience of our Finance Director at a fraction of their full-time cost. As well as being well-versed in the SaaS early stage, fast growth sector, the FD that worked with the business had also grown his own company from zero to a £20m annual run rate over a 12-month period. He has also led several transactions, raised over £20m in a PE funding exercise, run two IPOs and 10 exits, meaning that he was able to provide a commercial evaluation of the business and the direction it should take, as well as possessing strong negotiation skills to support the sale of the business.
Final details of the sale have been requested to remain anonymous.
Scintacor (formerly Applied Scintillation Technologies) is a successful British company and the world leader in phosphor and scintillation technology, which allows the conversion of different radiations into light for imaging and detection. The growing demand for their expertise meant that Scintacor decided it was time to look for further investment into the business, which is where Numitas was able to help.
GeoSpock is an extreme-scale spatial big data platform company that provides analytics, visualisation and builds insight for four main verticals: location based mobile advertising, telecommunications, connected cars, and smart cities.
AIM-listed Ubisense was founded in 2002 and is a high growth, Cambridge-based technology firm. Its highly specialist expertise serves 500 customers in 50 countries with enterprise location intelligence products and solutions that help them with their high value manufacturing operations.
For example, its work with automotive firms BMW and Aston Martin and with aerospace giant Airbus, enables specific components and tooling to be located and supplied automatically to a manufacturing location, using state of the art, ultra-wideband radio technology.
Our client is a SaaS business delivering real time data and information to the NHS and helping to manage patient footfall through its mobile app. The company currently turns over £2m and employs some 35 people onshore UK with an outsourced development centre in India.
i-graduate surveys international student opinion about different universities, then tracks and benchmarks the data, delivering comparative insight to the education sector worldwide, in order to help institutions deliver a world class student experience to enhance competitive advantage.
Scintacor (formerly Applied Scintillation Technologies) is a successful British company and the world leader in phosphor and scintillation technology, which allows the conversion of different radiations into light for imaging and detection. The growing demand for their expertise meant that Scintacor decided it was time to look for further investment into the business, which is where Numitas was able to help.
GeoSpock is an extreme-scale spatial big data platform company that provides analytics, visualisation and builds insight for four main verticals: location based mobile advertising, telecommunications, connected cars, and smart cities.
AIM-listed Ubisense was founded in 2002 and is a high growth, Cambridge-based technology firm. Its highly specialist expertise serves 500 customers in 50 countries with enterprise location intelligence products and solutions that help them with their high value manufacturing operations.
For example, its work with automotive firms BMW and Aston Martin and with aerospace giant Airbus, enables specific components and tooling to be located and supplied automatically to a manufacturing location, using state of the art, ultra-wideband radio technology.
Our client is a SaaS business delivering real time data and information to the NHS and helping to manage patient footfall through its mobile app. The company currently turns over £2m and employs some 35 people onshore UK with an outsourced development centre in India.
i-graduate surveys international student opinion about different universities, then tracks and benchmarks the data, delivering comparative insight to the education sector worldwide, in order to help institutions deliver a world class student experience to enhance competitive advantage.
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