MHA advises Depotnet on sale to EverfieldSeptember 6th 2023
Our corporate finance team has advised on a deal that has seen a high-growth field service management software provider acquired by a specialist software investor.
Depotnet’s field service management software enables companies in the telecoms, utilities and infrastructure sectors to manage functions including job management, reinstatement, commercial management, conducting audits and inspections, and managing fleet, plant and other assets.
Its customers include Openreach, Kier Construction, CityFibre and MJ Quinn.
By partnering with Everfield, Depotnet gains access to a wealth of both strategic guidance and additional capital to scale its operations, enhance its product offering and expand its market reach.
Robert Holgate said:
“Depotnet has grown to the point where it now has some of the most recognised names in the telecoms, utilities and infrastructure sectors as clients. It’s a success story that underscores the quality of the Depotnet SaaS product in their chosen UK sectors.
“We’re proud to have supported the shareholders throughout the sale process, helping them achieve the value their hard work deserves. This deal ensures a bright future for the company which will benefit from the additional investment and expertise that comes with being part of the Everfield family.”
Holly Dalby, managing director at Depotnet, which is based in Warwickshire, said:
“This acquisition marks a huge milestone for Depotnet. In joining forces with Everfield, we are brilliantly positioned to take the business to new heights, in particular accelerating some of our longer-term technology ambitions, as well as securing long-term opportunities for our amazing staff.
“We selected Everfield as a partner due to their deep strategic knowledge, alongside their commitment to retain the Depotnet brand, the management team, and our long-term vision to deliver increasing value from every aspect of our software in an ever-changing market.
This investment will allow us to support and expand the cutting-edge software solutions that thousands of our users have come to rely on.”
As part of the acquisition, the existing Depotnet management team will continue to lead the business, ensuring a seamless transition and preserving the company's unique culture and vision.
James Moore, software investor at Everfield said:
“We’re thrilled to welcome Depotnet to the Everfield family. Depotnet's exceptional track record, experienced team, and deep domain knowledge perfectly complement our strategic vision. At Everfield we are a long-term partner for entrepreneurs and attach great value to preserving the culture and industry expertise of the businesses we invest in.
“We are excited to be partnering with Holly and Darren on the next phase of the Depotnet journey, continuing their commitment to innovation and the delivery of industry-leading solutions.”
CG Professional, led by Ben Dredge, Samantha Pickover and Caryss Grilli, advised Depotnet on the legal aspects of the deal.