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The UK operations of IBM specialist APSU have been acquired by CSI Group with the minority shareholder exiting the business.
The undisclosed deal has seen the founder and CEO of APSU Steve Morris become a shareholder of the CSI Group.
It also marks the moment when the minority shareholder BGF, which took a £7m stake two years ago, has chosen to move on and reinvest its money into other UK businesses.
The US operations of APSU have been divested and will be run as an independent company.
APSU has been in business since 2011, when it was formed as a result of the merger between Big Blue managed services specialist AssurIT and IBM infrastructure player Apex Computers International.
The channel player built up a strong reputation delivering IBM products as well as the consultancy, managed services and cloud services. It has also developed an expertise in the retail sector.
“BGF’s funding allowed us to accelerate growth, strengthen our team, broaden the product and service offerings and most importantly to expand our international presence," said Morris.
"With the acquisition of APSU, CSI is well placed to help our clients on their transformation journey and in particular in their move to the cloud," he added.
CSI is a managed services specialist and is expected to bulk out its recurring revenue stream with the addition of the APSU business.
From the perspective of BGF the expectation is that the CSI deal will free up some funds that could be invested elsewhere in the UK.
“BGF exists to help entrepreneurs realise their ambitions to grow their businesses and take advantage of market opportunities. The returns we have made from this investment will now be reinvested into other entrepreneurs working to scale-up their companies," said Ned Dorbin, investor at BGF.
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