Based in Reading, Access-IS creates hardware to read tickets, take contactless fare payments, and image and authenticate travel and identity documents. Its passport and boarding pass scanners are used in over 200 airports worldwide and more than 100 million transactions are conducted daily through its devices.
Mobeus first invested in Access in 2015. Since then, it has almost doubled the company’s revenues from £11.5m to £19m in 2019, the firm said.
Guy-Franck Nakach, chief executive of Access-IS, added: “Mobeus has been a hugely supportive partner over the last five years. It was clear from the first meeting that they were completely aligned with the vision we had for the business and, with their help, we have achieved everything we set out to do.”
The transaction follows the exit in February of Auction Technology Group, an online platform for auctions that Mobeus owned a 15% stake in. At the time, the firm said it generated a return of 4.5x and a 29% IRR.
At the moment, the private equity firm is investing its Mobeus Fund IV, closed at £166m in 2017. The vehicle, which is 60% deployed, typically writes equity cheques between £5m and £15m to invest in British businesses with earnings before interest, taxes, depreciation and amortisation of £1m – £5m.
Source: Private Equity News
By Elisangela Mendonca
