Michael Grant, chief operating officer of Asset Mapping, has bought the building sensor software business out of administration with funding from ex-Nomura bankers Adrian Purvis and Gary Cottle.
Asset Mapping fell into administration earlier this year owing £3m to failed lending house London Capital & Finance. The price paid for the business by Grant and his new partners was not disclosed. Grant did say that a percentage of profit from the new venture would be paid to the administrators and returned to bondholders for a set period. Thousands of members of the public invested in micro-bonds, unsecured by the FCA, during the life of LCF. In total £236m was raised. The Serious Fraud Office has launched an investigation into LCF’s trading from 2016 to 2018.
The new investors in Asset Mapping, renamed Metrikus, are unrelated to LCF and mark an exciting new chapter in the life of the business, according to Grant.
Cottle’s career includes spells at Morgan Stanley, RBS and Chase. In 2015 he founded Urban Re, a property investment company.
Purvis spent 20 years as a trader including six at Nomura up until autumn 2018. He is CEO of AP Capital Investments, a private wealth manager using property development among its investment classes. Cottle and Purvis also buy and sell property together. Both will become directors and shareholders of Metrikus.
Grant told PlaceTech all the clients and contracts would move across with the intellectual property and eight staff – three in Poland and five in the UK. Customers include GSK, Stanley Security, Manchester Metropolitan University, Baker Stuart and Inter Systems.
Around eight staff were made redundant during Asset Mapping’s cost-cutting ahead of administration.
Grant said in a statement: “We are delighted to have found a group of globally connected, seasoned industry investors to help drive the business forward. The business is at the forefront of smart building technology – we gather information from building systems and other sensors to help our customers understand their buildings. We help our customers gain useful insight into three key areas, critical asset maintenance, space utilisation and the health of a building’s physical environment as it impacts the people who work there. It is our mission to digitise the entire built environment leading to more productive, safer and healthier places to work.”
Cottle and Purvis added in a joint statement: “We are keen to back a world class team and offering, and see great potential in this particular software platform which has been proven to deliver exceptional value and savings to its customers. At long last, there is a paradigm shift, for us to live and work in a cleaner, safer, healthier, and more cost-efficient built environment. Metrikus delivers all of these together, at the same time. We went from helping Michael navigate a tricky ownership situation to wanting to buy the business in about 30 seconds after we saw the demo of what it does – it is a game changer in smart technology. It can monitor everything, everywhere, all the time. There is no doubt that in the next few years, every building and business will be adopting smart, data driven technology to make key decisions around environmental and occupational efficiency.”
The new company added in a post on LinkedIn: “Metrikus will continue with the same team, partners and technology. The company’s website, logo and communications will change in accordance with rebranding, however the mission and direction remain the same. Metrikus owns the rights and IP of Asset Mapping, and continues to store all of the current and historic data and information in the platform and business tools.”
Grant said: “This is an exciting time ahead, particularly over the next eight to 12 months. The business and technology have developed substantially over the last two years and with the help and guidance of new investors we truly believe we have the capability to convert a market-leading product to achieve global adoption. From my team and I, we would like to thank our partners and customers for their continued support.”
Smith & Williamson, administrators to LCF and Asset Mapping, did not respond to requests for comment.