IT firm lands £6m, acquires netConsult
IT and cloud service provider TIG has acquired netConsult following a £6m cash injection.
netConsult is an IT consultancy focused on the financial services sector. With this acquisition, TIG’s Watford and London workforce will double to 90 staff and will enable it to enhance its financial service offering to customers.
TIG chief executive Des Lekerman, commented on the move: "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," he added.
Technology investor Business Growth Fund (BGF) led the £6m fund, will be used to grow the business - including through this acquisition.
Well-known Business Growth Fund has been investing in tech startups since 2011, and counts UKCloud, DevOpsGroup and Virtual1 amongst its portfolio.
As part of the deal, BGF investor Mark Nunny will be joining the board of TIG. The management team at netConsult, including co-founder and CEO Richard McDonald, will also lead an larger financial services team.