Chicago, November 10, 2020 /PRNewswire/-Periscope Equity (“Periscope”) today announced its investment in MobiChord, Inc. (“MobiChord” or “Company”), innovative technology expense management (“TEM”) software platform and ServiceNow Elite partner.
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MobiChord was founded in 2013, Salt Lake City, UtahA TEM-based software platform built locally 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 proudly invested in a partnership with the CEO and co-founder of MobiChord, Herbert Ull, He will continue to serve as CEO.
“MobiChord is a truly unique player in the TEM market,” he said. Eric Hinkel, The head of Periscope Equity. “The native ServiceNow approach gives MobiChord a considerable advantage over enterprise-centric competitors, coupled with a strong team that provides 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.” said Herbert Ull. “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.”
“The company’s transition to remote work has led to a proliferation of mobile devices, increased software application licenses, increased complexity, and guaranteed a solution that can control IT costs and workplace visibility,” Steve Jamel, Partner of Periscope Equity. “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 net worth is ChicagoOf private equity companies focus on investments in technology-supported services and software companies. These companies include-digital marketing, medical 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 Alex Friedman -The person in charge of the Periscope Fund: [email protected]
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