DETROIT, March 17, 2011 – Beringea, an international private equity firm headquartered in Detroit, has invested $4.25 million (£2.65 million) in software company MatsSoft. The investment will come from Beringea’s London office and is intended to accelerate the company’s growth and international expansion.
MatsSoft is a software company providing powerful and innovative web-based workflow and communications solutions. The software, which is marketed as MATS®, as well as under other brand names by various resellers, includes a comprehensive management information suite and configuration tools. This allows companies and organizations to drive efficiency gains, cost reductions and service improvements across a whole host of business processes, including case management, customer service, logistics, remote customer/patient management, complaints handling and supply chain management.
To date, the company has developed a presence and high quality customer list in business sectors including financial services and health care. MatsSoft works globally with partners and resellers, from multinational telecommunications companies to smaller specialist organizations with expertise in niche market sectors.
Trevor Hope, chief investment officer at Beringea, led the deal and will be joining the MatsSoft board.
“After significant development, MatsSoft has a core software engine which can be applied to, and benefit from, growing trends and adoption of SaaS (Software-as-a-Service) models, flexible process management systems, digital communication with customers and telemedicine,” said Hope. “I am really looking forward to working with the experienced management team and helping them grow this innovative business domestically and internationally.”
“Over the past three years MatsSoft has grown to be a successful and profitable business with international blue chip clients. We now need to take that growth to the next level so that our resellers and partners can take full advantage of our great potential to deliver proven and innovative solutions in workflow, management information delivery and customer communications,” said Martin Scovell, MatsSoft’s CEO. We investigated a number of investors, seeking a partner with a multi-national footprint and a track record in our key growth sectors, which include finance and health care, and we decided that Beringea will add genuine value in excess of any financial investment. They are good people to work with and we look forward to growing the business with them.”
MatsSoft was advised by Mediaventura, corporate finance advisors to the digital media sector.
About Beringea
Beringea offers advice, guidance and capital to support growing businesses. Headquartered in Farmington Hills, Mich., the Firm also has offices in London and more than 70 portfolio companies in the U.S. and U.K. Beringea has more than 20 years of investing experience in a range of sectors, including health care and life sciences, clean technology, advanced manufacturing, media, Internet technologies and specialized consumer products. Beringea is the manager of funds, including the InvestMichigan! Growth Capital Fund, InvestCare Partners, Global Rights Fund II and the ProVen family of venture capital trusts. For more information, visit www.beringea.com or follow us on Twitter at @beringea.
About MatsSoft
www.matssoft.co.uk is a true British success story, developing unique web-based, user configurable “Software-as-a-Service” (SaaS) solutions under the brand name MATS®. MATS® is used in any situation where there is a customer, a supplier and a product or service process with more than one stage, freeing up the time staff previously spent on the ‘phone by keeping customers proactively informed via SMS, email and auto-updated personal web pages. The twin advantages are (survey-proven) improved customer service and reduced cost. MATS® provides valuable real time management information on workflow and business process management that is used to further refine and improve cost control and service levels. MATS® is currently used by businesses in the financial services, pharmaceutical, public utilities and government sectors. MATS® is also used as a bulk communication medium to customers and third parties, via text messaging and email campaigns.
