Watford-based TIG receives £6m BGF boost
BGF has invested £6m in TIG, a high-growth managed service provider which supports mid-market companies transitioning to the Cloud. The investment is being used to support the business’s organic growth and acquisition strategy, beginning today with the acquisition of netConsult, a specialist company providing IT transformational services and cyber security for the alternative investment sector.
TIG’s goal is to be the best cloud transformation provider for medium-sized businesses. The Watford-based group has achieved significant organic growth under the leadership of CEO Des Lekerman and COO George Georgiou. Both were part of the Eurodata management team, a company founded and led by Lekerman before he exited in 2011. The senior management team has recently expanded with the appointment of cloud and managed services director, Alan Gill. Mark Howling, former CEO of Pulsant, and Ronnie Smith, former CFO of Six Degrees, will remain as Non-Executive Directors.
The acquisition of netConsult enables TIG to enhance its financial service offering to customers, while netConsult will benefit from TIG’s expertise in AI, data analytics and Machine Learning. The acquisition will double the size of TIG’s workforce to 90 staff. netConsult’s management, including co-founder and CEO Richard McDonald, will lead an expanded financial services team. netConsult provides strategic technology consultancy to its global alternative investment clients. Growing substantially in recent years, its client base has assets under management of more than $100bn.
BGF, one of the world’s most active growth investors, has backed nearly 70 technology businesses since 2011, including UKCloud, DevOpsGroup and Virtual1. Managed services company GCI made 12 successful acquisitions during its six-year partnership with BGF, adding significant scale and value to the business before it was acquired in May this year.
Des Lekerman, CEO of TIG, said: “The acquisition of netConsult brings TIG deeper expertise in the financial services sector, and comes with a best in class management 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 transformation provider for medium sized UK businesses.
“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.”
Mark Nunny, a BGF investor who joins the board of TIG, said: “TIG stands out in its sector due to strong technical leadership and a customer-focused approach to cloud transition and service. 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.
“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.”
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