Technical expense management software platform-built locally on ServiceNow
Chicago-November 10, 2020-(Newswire.com)
Periscope Equity (“Periscope”) today announced its investment in MobiChord, Inc. (“MobiChord” or “Company”), innovative technology expense management (“TEM”) software platform and ServiceNow Elite partner.
MobiChord was founded in 2013 and is based on the TEM software platform in Salt Lake City, Utah. The machine is built on the ServiceNow platform. MobiChord automatically manages technical expenses, assets and services through digital workflows, thereby increasing efficiency and transparency for a growing corporate customer base. For more and more enterprise customers who are adopting ServiceNow to automate management workflows throughout their organizations, the MobiChord product suite can provide truly distinctive products on the market.
MobiChord quickly became a disruptor in the TEM market, breaking through the boundaries of traditional telecom expense management. The company decided to work closely with ServiceNow, received investment from ServiceNow Ventures in 2016, and continued product innovation, expanding from mobility to fixed network and now cloud expense management, which made itself one of the fastest growing companies in the United States last year (Ranked 612 on the Inc. 5000 list).
Periscope has proudly invested in a partnership with Herbert Uhl, CEO and co-founder of MobiChord, who will continue to serve as CEO.
Eric Hinkle, head of Periscope Equity, said: “MobiChord is a truly unique player in the TEM market. “The native ServiceNow approach gives MobiChord a considerable advantage over its corporate-centric competitors. The advantages, coupled with a strong team, provide global expertise to some of the largest companies in the world. “
“From day one, we began to provide visionary organizations with the best solutions to manage their entire technical assets, expenses and services. Our advanced TEM solutions disrupt the industry and provide our customers with Great value.” Herbert Ull said. “The investment from Periscope will allow us to accelerate our growth by expanding our market entry methods and continue to innovate products to provide more long-term customer value.”
Periscope Equity partner Steve Jarmel said: “The company’s transition to remote work has resulted in a proliferation of mobile devices, increased software application licenses, increased complexity, and guaranteed solutions that can control IT costs and workplace visibility.” We believe that Herbert and the team have established a strategic roadmap that is closely integrated with ServiceNow, and given that the platform has experienced tremendous growth in the past year, the market definitely agrees with this view.”
DA Davidson acted as exclusive financial advisor to MobiChord.
Periscope Equity is a Chicago-based private equity company dedicated to investing in technology-supported services and software companies, including digital marketing, healthcare technology, security solutions, and business process automation.
Periscope specifically targets companies whose founders have mission-critical products and services, a history of sustained profitability, and a known path to accelerating growth.
In keeping with the tried-and-tested management team, Periscope provides strategic, operational and commercial expertise to deliver excellent return on investment.
For more information, please contact the head of Alex Friedman-Periscope Equity: [email protected]
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