D.A. Davidson & Co. announced today that is has served as exclusive financial advisor to MobiChord, Inc. in securing an investment from Periscope Equity LLC.
Based in Salt Lake City and founded in 2013, MobiChord is a leading provider of Technology Expense Management (TEM) software built natively on ServiceNow. The company’s SaaS solution automates the management of technology expenses, assets and services with digital workflows creating efficiencies and transparency for its growing enterprise customer base. For enterprise customers who are increasingly adopting ServiceNow to automate administrative workflows across their organizations, the MobiChord product suite provides a differentiated offering in the marketplace.
MobiChord has established itself as a disruptor in the TEM market by pushing the boundaries of traditional technology expense management. The company’s decision to partner closely with ServiceNow, including an investment from ServiceNow Ventures in 2016, helped establish MobiChord as one of the fastest growing companies in the United States (No. 612 on the 2019 Inc. 5000 list). MobiChord has achieved its growth through continuous product innovation, highlighted by its expertise in mobility to fixed-line workflows and by addressing the rapidly expanding need for cloud expense management.
“The D.A. Davidson team brought tremendous software domain expertise and flawless execution capabilities that were instrumental in achieving an optimal outcome for MobiChord and its shareholders in a challenging deal environment,” said Herbert Uhl, Co-Founder and CEO of MobiChord. “We couldn’t be more pleased with our new partners at Periscope Equity. Our combined skillsets will enable us to further accelerate growth by expanding our go-to-market approach and continuing to enhance product innovation to deliver even more long-term customer value.”
“Herbert and the MobiChord team did a great job executing on their business plan and setting the stage for a highly successful process,” said Greg Thomas, Managing Director at D.A. Davidson. “We are excited to watch the augmentation of MobiChord’s success with the capable team at Periscope Equity as they tackle a market in need of their differentiated, software-based solution.”
D.A. Davidson’s investment banking division is a leading full-service investment bank that offers comprehensive financial advisory and capital markets expertise. The group has extensive transaction experience serving middle market clients worldwide across five industry verticals: consumer, diversified industrials, financial institutions, real estate and technology.
Together with its European strategic partner, MCF Corporate Finance, D.A. Davidson originates and executes transatlantic M&A transactions under the common brand of D.A. Davidson MCF International.
About D.A. Davidson Companies
D.A. Davidson Companies is an employee-owned financial services firm offering a range of financial services and advice to individuals, corporations, institutions and municipalities nationwide. Founded in 1935 and headquartered in Montana, with corporate offices in Denver, Los Angeles, Portland and Seattle, the company has approximately 1,400 employees and offices in 26 states.
Subsidiaries include: D.A. Davidson & Co., the largest full-service investment firm headquartered in the Northwest, providing wealth management, investment banking, equity and fixed income capital markets services and advice; Davidson Investment Advisors, a professional asset management firm; D.A. Davidson Trust Company, a trust and wealth management company; and Davidson Fixed Income Management, a registered investment adviser providing fixed income portfolio and advisory services.
For more information, visit dadavidson.com.