Case Studies

Case Study: Kirona

The Company:

Cheshire-headquartered Kirona provides field force automation solutions, which includes mobile application software that supports engagement between businesses and their workforce.

Added Value:

  • In 2011 LDC backed the MBO of Kirona, working with the management team, LDC provided strategic support to the business as it achieved sustained and significant growth, notably through breaking into vertical sectors, such as healthcare, local government, construction and facilities management
  • The appointment of a high quality Non-Executive Chairman was completed
  • The business began exporting to new international markets, including continental Europe, North America and Africa, alongside its partners Northgate, Civica, BT and Vodafone
  • In 2012, LDC provided additional equity to support management in its acquisition of Xmbrace, the leading software company which provides dynamic resource scheduling software under the “DRS” brand, principally to the responsive repairs market. The team has successfully integrated the acquisition into the Kirona Group, including offices in Watford and Northern France


  • Since the original investment Kirona has more than doubled its employees from 33 (2011) to 73 (2014), trebled revenues and materially increased earnings
  • LDC partially exited its investment in Kirona in 2014, through a £20m SBO to Living Bridge
  • The deal provided LDC with a 2.2x money multiple return on investment
  • LDC will continue to hold a minority stake in the business going forward as a co-investor alongside Living Bridge
“This has been a tremendous period of growth for our business and we see this continuing in the years ahead, especially with the on-going support of a committed team both here and overseas. LDC’s support has been unstinting and we look forward to working with Living Bridge who, alongside LDC, will help us achieve our long-term ambitions for the business.” David Murray, CEO of Kirona


  • Broke into new sectors
  • New international markets
  • 1 acquisition
  • NXC appointed
  • Doubled employee numbers
  • Trebled revenues
  • £20m SBO
  • Money Multiple 2.2x