Squire Patton Boggs Advises Synova on Investment in Leading PropTech Platform

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Squire Patton Boggs has advised growth investor Synova on its investment in Mallcomm, a leading PropTech platform providing management software to real estate investors, asset managers and operators. Synova is investing to support the management buyout of the company.

The team advising Synova was led by Corporate partner David Milne, and included Paul Mann, Louisa Hine, Harry Hobson and Livia Giordano. Tax advice was provided by Mark Simpson and Emma Perez, with Sarah Wilkinson providing employment advice.

Synova is recognised as one of Europe’s most innovative growth investors, generating class-leading returns. Synova invests in companies valued between £20 million and £250 million in the UK, Ireland, and continental Europe. It has a particular focus on companies within the software and data, tech-enabled services, financial services, and health and education sectors.

Founded as a software division within retail-focused marketing services group Toolbox, Mallcomm was built to serve as the central point of communication between tenants and site operators to manage access security and sales data collection. Over the last three years, the company has grown by over 70% with adoption of the platform more than doubling in 2021. Mallcomm is now deployed across 650 properties covering 400 million sq. ft across 19 countries with operations in the US, UK, and continental Europe. Customers include some of the world’s largest commercial real estate owners and operators including Unibail-Rodamco-Westfield, The Blackstone Group, ECE Group and Savills.

In addition to focusing on organic growth, Synova’s investment will provide further capital for strategic M&A to expand Mallcomm’s capabilities and further penetrate other geographic markets and property sectors.

David Milne commented: “We are pleased to have advised Synova on its investment in Mallcomm, a transaction that will enable to the company to continue to develop and build on its success.”

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