CHICAGO - November 10, 2020 - (Newswire.com)
Periscope Equity ("Periscope") today announced its investment in MobiChord, Inc. ("MobiChord" or the "Company"), an innovative Technology Expense Management ("TEM") software platform and ServiceNow Elite Partner.
Founded in 2013, MobiChord is a Salt Lake City, Utah-based TEM software platform built natively on the ServiceNow platform. MobiChord automates the management of technology expenses, assets, and services with digital workflows creating efficiencies and transparency for its growing enterprise customer base. For enterprise customers, who are increasingly adopting ServiceNow to automate administrative workflows across their organizations, the MobiChord product suite provides a truly differentiated offering in the marketplace.
MobiChord quickly established itself as a disruptor in the TEM market pushing the boundaries of traditional telecom expense management. The Company's decision to partner closely with ServiceNow, receiving an investment from ServiceNow Ventures in 2016, and continued product innovation, expanding from mobility to fixed-line and now cloud expense management, helped establish itself as one of the fastest-growing companies in the U.S. last year (#612 on the Inc. 5000 list).
Periscope has proudly invested in a partnership with MobiChord's CEO and Co-Founder, Herbert Uhl, who will continue in his role as Chief Executive Officer.
"MobiChord is a truly unique player in the TEM market," said Eric Hinkle, Principal at Periscope Equity. "The native ServiceNow approach gives MobiChord a considerable advantage over enterprise-focused competitors coupled with an incredibly strong team delivering global expertise to some of the largest companies in the world."
"From day one, we have set out to provide forward-thinking organizations with the best possible solution to manage their entire technology assets, expenses, and services. Our cutting-edge TEM solutions have disrupted industry incumbents and provided tremendous value to our customers" said Herbert Uhl. "The investment from Periscope will allow us to accelerate our growth by expanding our go-to-market approach and continue product innovation to deliver even more long-term customer value."
"The corporate transition to remote work has led to mobile device proliferation and a rise in software application licenses, increasing complexity and warranting a solution that can govern IT costs and visibility within the workplace," said Steve Jarmel, Partner at Periscope Equity. "We believe Herbert and team have built a business with a strategic roadmap that is thoughtfully aligned with ServiceNow and given the outsized growth the platform has experienced over the last year, the market certainly agrees."
D.A. Davidson served as the exclusive financial advisor to MobiChord for this transaction.
Periscope Equity is a Chicago-based private equity firm focused on investments in technology-enabled service and software companies across - Digital Marketing, Healthcare Technology, Security Solutions, and Business Process Automation.
Periscope specifically targets companies that are founder-owned, with mission-critical products and service offerings, a history of sustainable profitability and known avenues to accelerate growth.
In alignment with proven management teams, Periscope provides strategic, operational and commercial expertise to drive superior investment returns.
For more information, please contact Alex Friedman - Principal, Periscope Equity: afriedman@periscopeequity.com
Press Release Service by Newswire.com
Original Source: Periscope Invests in MobiChord
