ServicePower Technologies Plc, a market leader in mobile workforce management software is pleased to announce that the recommended offer by Diversis Capital for the entire issued share capital of ServicePower has been declared unconditional in all respects and it is expected the cancellation of admission to trading on AIM will take effect on 7 February 2017.ServicePower’s strategy is based firmly around growth of product sales to existing and new customers accelerating new product development as the Offer represents an exciting opportunity for the Company to maximise the potential to grow the business. The Offer also represents an attractive valuation and significant premium to the Company’s share price prior to the release of the Possible Offer Announcement.
As part of the Diversis Capital portfolio, ServicePower is expecting to see significant benefits both financially and operationally as well as for its customers and employees:
- the needs of the ServicePower business and customers will be better served alongside a partner with the financial backing and appetite to invest properly into the business in the future
- Diversis will continue the investment in ServicePower’s technology, ongoing development and expansion of the business, including expanded go to market strategy, faster product innovation and improved customer satisfaction and retention
- the Company will have the appropriate resilience to enable the business to better withstand the risks faced from one business cycle to another
- the skills, expertise and knowledge of the existing management and employees of ServicePower and its subsidiaries will continue to play a significant role in developing the business
Marne Martin, the CEO of ServicePower Technologies, commented “ServicePower is excited by our acquisition by Diversis Capital. Diversis will enable our team to focus on accelerating the development of our mobile workforce management software, cementing its leadership and visionary position in the field service and mobile workforce management space. Diversis will also lend support for expanded go to market activities while also working with our team to provide additional value to our client base.”
Ron Nayot, the Managing Partner at Diversis, added “We are excited to add ServicePower to our portfolio of technology companies. Our team will support ServicePower as it hastens development, igniting its pace of innovation, while also providing the foundation to grow revenue and continue generating positive EBITDA.”
For further information, please contact:
ServicePower Technologies Plc
Tel: 0161 476 7762
Marne Martin, CEO
Simon Evans, CFO
Jenniffer Breitenstein, SVP Marketing
ServicePower, the acknowledged leader in Optimization Technology, provides an innovative global, mobile workforce management software platform used by field service organizations to maximize productivity and efficiency, intelligently schedule appointments, SLA and complex jobs, as well as parts. Our platform focuses on solving the fundamental problems organisations with mobile workers face with patented routing optimization, M2M connected services, contractor and warranty management, cutting edge enterprise mobile and business management technology, robust business intelligence and asset tracking.
For more information please visit http://www.servicepower.com/
About Diversis Capital
Founded in 2013, Diversis Capital, LLC is a North American private equity firm with a focus on carve-outs, standalone deals and special situations in the lower and middle markets that require both sharp financial acumen and operational expertise to reach success. The tight-knit team of professionals has experience working on complex transactions and leveraging deep hands-on operational expertise to help companies and their management teams achieve full potential. While Diversis Capital is generally industry agnostic, technology, and specifically software, is a core focus area of the firm. Diversis, which was founded by Managing Directors Ron Nayot and Kevin Ma and is currently in full acquisition mode with a goal of executing several transactions annually.
For more information please visit: www. http://diversiscapital.com/