Tresmares Capital, the pan-european growth capital investor, has backed leading UK-based fleet and compliance management software provider Convey Technology and its Founder, Steve Fisher, with a minority equity investment. With this backing, Convey will look to expand its commercial capabilities, and pursue selective M&A opportunities to enhance its product and distribution capabilities.
Founded in 2016 by Steve Fisher and headquartered in Wiltshire, Convey provides a web-based SaaS platform that supports more than 3,600 commercial fleet operators – managing hundreds of thousands of vehicles and assets - to achieve compliance, safety, and operational efficiency. The Convey platform has multiple modules that support all aspects of driver and vehicle compliance, with more modules currently in development. The platform consolidates key compliance and fleet management functions into one system, enabling operators to manage everything through a single supplier.
Steve Fisher, who holds more than 30 years of experience in commercial vehicles software solutions, and the existing key management, will retain control of the day-to-day operations of the business and will drive the next stage of growth. “Our focus has always been to develop practical, forward-thinking solutions that genuinely help operators manage their drivers and vehicles with confidence. As we enter this next stage, we’ll continue to invest in Convey and enhance the platform, using the insight we’ve gained over many years to ensure it continues to meet the needs of our customers and the demands of the wider industry.”, Steve added.
Tresmares has acquired a minority equity stake in Convey, making it the third such deal in the UK (after Exam Papers Plus, and the co-investment with Fremman Capital in Kids Planet). The deal was led by Miguel Sanchez, Investment Director and Tresmares Private Equity lead in the UK, and Associates James Walker and Alejandra Gallo. Miguel Sanchez says, “We are thrilled to back Steve and the team to help them move into the next stage of Convey’s growth. Steve has demonstrated the ability to grow ahead of the market during the last decade through a clear vision. His industry expertise, leadership and resiliency are key pillars we look for at Tresmares to forge a true partnership”.
The company has an ambitious growth plan to provide market-leading, cost-effective software solutions to transport operators of all types and sizes, allowing them to comply with regulations and manage their businesses more effectively. The pan-european investor, backed by Banco Santander, will aim to leverage its network and exploit synergies from its 100+ portfolio companies across Europe. In Steve’s words, “Tresmares’ partnership-led approach gives us the freedom to continue leading the business while benefiting from the experience and network they bring. It is the right kind of support for this stage of our journey, and it strengthens our plans without changing who we are or how we support our customers.”
Tresmares will support the portfolio company with up to £25m backing aimed at seeking attractive M&A opportunities that could enhance its product offering, its distribution capabilities or its geographical presence. James Walker says, “The fleet management software industry is still fragmented, with fleet operators relying on multiple providers or outdated manual processes; the Convey tech stack is well positioned to supply more services to fleet operators through acquisitive opportunities”.
Sell-side advisors: Digital Edge (M&A advisor) and Marriott Harrison (Legal).
Buy-side advisors: Osborne Clarke (Legal), BDO (Financial and Tax), Perez Llorca (Tax Structuring) and Ringstone (Technology).
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