Cloud services firm TIG has acquired financial services IT consultancy netConsult with the help of a £6m investment from British private equity firm BGF. “This forms part of a long-term strategy for developing service capability, sector expertise and scale”, said TIG.
The acquisition of London-based netConsult enables TIG to enhance its financial service offering to its customers, while netConsult will benefit from TIG’s expertise in AI, data analytics and machine learning, the two firms said. The acquisition - for an undisclosed sum - will double the size of Watford, Hertfordshire-based TIG’s workforce to 90 and netConsult’s management, including co-founder and CEO Richard McDonald, will lead an expanded financial services team.
TIG is a Gold Microsoft cloud and productivity partner, providing a full range of private, public and hybrid cloud services. The total £6m investment from BGF will be used to grow the business organically and through other acquisitions, TIG said. BGF has backed nearly 70 technology businesses since 2011, including UKCloud, DevOpsGroup and Virtual1.
Des Lekerman, CEO of TIG (pictured), said: “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. 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.”
Richard McDonald at netConsult said: “The fit between the companies is excellent and we now have the scale and support we need to grow as part of a full service provider.”
Mark Nunny, a BGF investor who joins the board of TIG, said: “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.”
