Growth Story: Mandata


Software & Data

Investment date

July 2013

At a glance

  • 30% of Top 100 hauliers using its software

  • 8x our money

  • 47% IRR


Mandata was making waves in the UK haulage and logistics sector well before our partnership. Their SaaS product met a growing demand for greater operating efficiency and improved supply chain visibility. It was what the market needed. But the exit of a founder and the lack of a clear strategic direction meant the company needed a helping hand to take things to the next level. Their needs matched our strengths.

As is often the case with business benefiting from SaaS models, Mandata displayed highly reliable recurring revenue, and an impressive >95% customer retention rate. It was clear to Synova that this had all the key ingredients of a successful growth business.


Mandata’s prominence in the market meant it was already well-placed to grow organically. Our approach centred on professionalising the business – beginning with the appointment of a new CEO, following the retirement of the founder, as well as significant investment in the Company’s underlying IT systems and processes.

We focused their resources on core product development, and then – under a newly appointed Sales Director – we formed a fresh sales strategy. Our plan was to shift sales from third party providers towards our proprietary product suite. We also focused on cross-selling new products to existing customers.


With strong vertical ownership, we knew from the outset that Mandata would be an attractive proposition for both trade buyers and private equity investors. This was only strengthened by the considerable success we had in growing the Company.

Synova exited via a targeted and highly competitive auction to Lloyds Development Capital in April 2018, returning 8x cost.

“Synova’s support, experience, and encouragement allowed Mandata – and, most importantly, its people – to flourish.”

– Mark Norcliffe, CEO

What next?

Read more about our strategies for growth
Schedule a meeting with Synova