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TIG snaps up netConsult
Cloud service player gets millions in investment and moves to add financial sector consultant netConsult
Cloud services player TIG has started the year with an acquisition, picking up IT consultancy netConsult, in one of its first moves since it got investor backing to support its growth ambitions.
The tie-up will give netConsult the chance to broaden the cloud services it can offer its core financial services customer base and give Microsoft gold partner TIG a foothold in that vertical market. It will create a unified operation with a 90 strong headcount.
The move also comes after TIG got £6m in backing from investment firm BGF to give it the warchest needed to support expansion plans.
“The acquisition of netConsult brings TIG deeper expertise in the financial services sector and comes with a best in class management and technical team. This will add further to our growth and service offering, and it represents another step towards our goal of becoming the UK’s best cloud services provider for medium sized UK businesses," said Des Lekerman, CEO of TIG.
“Bringing BGF on board provides us with backing from an investor with substantial experience and success working with companies in our sector. Its minority approach means that we gain from its financial support and expertise but retain full control. We are very much looking forward to working with both teams in the months ahead to grow the business and take advantage of the exciting opportunities on the horizon," he added.
Richard McDonald, co-founder and CEO of netConsult, will join stay on board and lead an expanded financial services team, and said that that the tie-up would give it more breath.
The BGF involvement will encourage organic and acquisitive growth and Mark Nunny, one of the firm's investors, will join the TIG board.
"A lot of mid-market corporates will need to move to the Cloud over the next five years and TIG is well placed to support them," he added “There is significant opportunity for growth in the sector, and today’s acquisition of netConsult is a fantastic result for Des and the team and the first step in an ambitious growth plan which we’re excited to support.”