Periscope Equity has acquired and merged three technology expense management companies MobiChord, Visage and Mobile Solutions, to form Brightfin. No financial terms were disclosed.
CENTENNIAL, Colo. & CHICAGO–(BUSINESS WIRE)–Periscope Equity announced today the launch of brightfin, a new company formed from recent acquisitions of MobiChord, Visage, and Mobile Solutions. brightfin provides a unified platform to manage mobile, telecom (fixed), and cloud expenses, offered natively through ServiceNow or as a SaaS solution.
IDC reports that Information and Communications Technology (ICT) spending is expected to continue its rapid growth with worldwide spend reaching nearly $6 trillion by 20231. With the rapid expansion of technology and devices, companies struggle to keep track of IT spend, optimize cost, and properly allocate expenses. Traditional telecom expense management (TEM) companies address mobile expense optimization while a smaller percent provide services to help IT teams improve efficiency. Led by three-time CEO Ed Roshitsh, brightfin has taken the best of all three acquired companies to form the most powerful and forward-thinking IT expense management platform in the industry.
“We didn’t want to make the same mistake we’ve seen others make by trying to stitch our technologies together,” said Ed Roshitsh, CEO of brightfin. “Many M&A deals in this space end up with a Frankenstein-like platform that requires multiple sign-ons, poor communication between systems, and a disjointed client experience.” brightfin utilizes MobiChord’s core technology supercharged with the insights, service capabilities, industry-leading automations, and exceptional teams from all three companies. “By going ‘all in’ on our strongest piece of technology, we cut months out of the typical integration cycle and focused that time on expanding our capabilities to serve a wider ITFM audience.”
brightfin’s leadership team includes all three former CEOs of MobiChord, Visage, and Mobile Solutions along with additional key hires such as Marjorie Adair (Chief Financial Officer), Chris Kinsella (SVP of Sales), and Keith Jensen (Chief Marketing Officer). In addition, team members from all three companies have joined forces to solidify brightfin as one of the first TEMs to provide transparency into mobile, telecom, and cloud expenses paired with industry-leading allocation that can distribute expenses by department or by company initiative.
“We always knew that the next evolution for MobiChord would be into the ITFM space,” said Herbert Uhl, former CEO of MobiChord. “Traditional TEM has always been about lowering carrier costs, whereas we believe that’s only a small part of the value proposition a powerful IT expense management platform can offer.”
With the formation of brightfin, the company is elevating the conversation to pique the interest of enterprise c-suites providing powerful dashboards and reporting that expose complete IT spend across the IT ecosystem. “Imagine knowing exactly how much of your IT spend is going to each business initiative,” says Mani Zarrehparvar, former CEO of Visage. “That’s the power we’re putting in our clients’ hands. Gaining that IT expense visibility is the first step to effectively driving organizational change.”
“For years, we’ve seen shocked faces from mobility managers when we expose and quickly optimize wasted spend across their network of mobile devices,” said Jim Johnson, former CEO of Mobile Solutions. “We expect to see a lot more shocked faces when IT and Finance executives find out how much spend is going to initiatives or departments that aren’t aligned to their company growth goals.”
Through the merger of three successful companies, each with its unique strength, brightfin is poised to deliver value well beyond that of traditional TEM providers. The company’s aggressive product roadmap will expand upon its already-impressive ITFM capabilities to drive even greater insights for its clients.
brightfin was formed in 2021 by Periscope Equity through the acquisitions of three technology expense management (TEM) companies: MobiChord, Visage, and Mobile Solutions. Partnering with enterprises and government agencies globally, brightfin provides cost savings, efficiencies, and deep insights into mobile, telecom (fixed), and cloud expenses. Learn more at www.brightfin.com.
About Periscope Equity
Periscope Equity is a Chicago-based private equity firm focused on investments in technology-enabled service and software companies across – Digital Marketing, Healthcare Technology, Security Solutions, and Business Process Automation. Periscope specifically targets companies that are founder-owned, with mission-critical products and service offerings, a history of sustainable profitability and known avenues to accelerate growth. In alignment with proven management teams, Periscope provides strategic, operational, and commercial expertise to drive superior investment returns. Learn more at www.periscopeequity.com.