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Fulcrum snaps up Pure Technology Group
Leeds-based IT services player is the latest in the channel to be a target for investment
Pure Technology Group (PTG) has become the latest to view being part of an acquisition as a means of giving it a chance to get access to a greater share of the market.
The firm has been snapped up by Fulcrum Technology Group, which has a track record of investing in firms on both sides of the Atlantic.
Fulcrum described itself as being the European division of “a global technology company” with a focus on a pan-European strategy that was looking to grow investments in the IT sector.
The deal will see Pure continue to operate with its existing management team and give it the muscle to go after more business in the UK.
“We’ve had many approaches over the last couple of years because, fundamentally, we’re a great business,” said Stephen O’Brien, CEO of and founder of the Pure Technology Group. “Fulcrum’s pitch was different, though – they have a bigger strategy in play, which will propel us towards being among the top echelon of UK IT service providers.
“We also share many values, which will only enhance what is truly special about our business – our people, our culture and our service. For all of us, and our customers and partners too, this is a tremendous opportunity.”
Fulcrum is investing in a business that has been growing since its launch in 2007, employs 140 people across offices in Leeds, Wakefield and Wigan and delivered revenues of £39.7m in its last financial year.
Fulcrum CEO Shane Maine said the firm had been impressed with Pure and could see the potential in the business.
“From the start, we were very impressed by PTG, not only because of their products and excellent service to customers, but also by their culture, innovative approach and people,” he said. “We see clearly the expanding capabilities we can develop together in the areas of secure remote work and enterprise service management to create a successful future together.”
Fulcrum has made a number of investments in the tech market, including Pivot, in which it was an investor until it went public in 2013. The name will be familiar because it was acquired by Computacenter last year. Along with PTG, the firm is also an investor in German IT services player Sysback.
The latest deal also adds another name to the growing number of investors that are choosing to put their capital into the channel, with 2021 already seeing a significant number of deals as private equity gets involved with the market.