Clovis Point Capital Exits its Position in Mobile Solutions
Clovis Point Capital announced today that it has exited its position in Mobile Solutions via a sale to Periscope Equity.
HOUSTON, Oct. 24, 2019 /PRNewswire-PRWeb/ -- Clovis Point Capital, LLC ("Clovis Point") announced today that it has exited its position in Mobile Solutions Services, LLC ("Mobile Solutions" or the "Company") via a sale (the "Transaction") to Periscope Equity. Mobile Solutions, headquartered in Centennial, Colorado, is an award-winning software-based provider of full life-cycle Managed Mobility Services for enterprises, servicing a wide range of industries including construction, general contracting, transportation, real estate and software. The Transaction resulted in approximately a 5.1x multiple of invested capital and a 77% internal rate of return on Clovis Point's investment.
In 2016, Clovis Point partnered with Mobile Solutions to effectuate the transformation of the Company into an industry-leading software solution. Clovis Point's growth equity investment supported the execution of many long-term growth strategies, including the development of Mobile Solutions' proprietary next-generation mobile expense management platform, the execution on organic growth initiatives, and the investment in human capital necessary to scale its sales, marketing and technology teams.
The strategic capital and guidance brought by Clovis Point and the board of directors enabled the Company to fully build-out the next generation of their innovative platform, providing additional features and expanded functionality to Mobile Solutions' client base. The enhanced, scalable software platform coupled with increased investment in go-to-market initiatives drove significant business growth during Clovis Point's investment period.
"We are very pleased with the outcome of our partnership with Mobile Solutions," said Robert Shuford, Managing Partner at Clovis Point. "It has been a true pleasure to work with Kim and Jim Johnson, as well as the entire Mobile Solutions team."
"Clovis Point has served as a true value-add partner, and we have thoroughly enjoyed building the Company alongside them," said Jim Johnson, CEO of Mobile Solutions. "Their experience scaling early-stage software businesses proved to be invaluable as we developed and launched new products, revamped the go-to-market strategy and ultimately grew our platform to achieve a successful outcome for all of those involved."
"The Johnson's have built a world-class organization and have established Mobile Solutions as a leader in the Managed Mobility Services industry," said Christopher Joseph, Managing Partner at Clovis Point. "We look forward to watching the Company's continued success as they embark on their next phase of growth."
D.A. Davidson & Co. served as exclusive financial advisor to Mobile Solutions, while Vinson & Elkins LLP acted as legal counsel to Clovis Point.
About Mobile Solutions Services, LLC
Headquartered in Centennial, CO, Mobile Solutions is a SaaS company that provides full life-cycle Managed Mobility Services including procurement, staging and kitting, real-time expense management, business analytics and reporting, dedicated account management and optimization, 24x7 US-based support, Unified Endpoint Management, and device reclamation services. The Company makes it simple for its clients to manage corporate-liable devices while also automating the management of mobile costs, assets, usage, plan changes, invoice processing, and reporting. The Company's cloud-based portal, known as MAX, provides one, easy-to-use technology interface with the same user experience. For more information, please visit https://mobilesolutions.net.
About Clovis Point Capital, LLC
Clovis Point Capital is a Houston, TX-based growth equity firm that focuses on making investments in software and technology-enabled business services companies. The firm's relationship-based approach utilizes its experience and expertise to help companies accelerate growth and realize their full potential. For more information, please visit https://www.cpcap.com.
SOURCE Clovis Point Capital
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