BGF invests further £8million in TiG to support acquisition of ThirdSpace
BGF portfolio company, TiG, one of the UK’s leading Cloud, Data Analytics and Managed Services providers to the financial services sector, has announced the acquisition of ThirdSpace, the UK’s leading provider of Microsoft Identity and Cyber Security solutions. The combined proposition delivers a fully comprehensive suite of services based on Microsoft technology, for organisations that demand secure modern working and digital transformation.
TiG secured £6 million investment from BGF in 2018 to support the business’s organic growth and acquisition strategy. To facilitate this latest acquisition, BGF has now invested a further £8 million worth of follow-on funding. It is the third acquisition that TiG has made since BGF’s investment.
Mark Nunny, investor at BGF, said: “We’ve supported TiG since 2018 and this latest round of funding forms part of a long-term strategy for developing service capability, sector expertise and scale. The acquisition of ThirdSpace adds a value-enhancing skillset in cyber that mirrors a wider trend in the market towards having highly valued specialised skill sets. TiG has responded well to the enhanced demand for managed services in IT and its buy and build strategy has placed them in a strong position to fast track growth in the future.”
The group now boasts over 210 employees providing advanced Azure transformational solutions, data analytics, 24/7 managed services, as well as the latest Sentinel and SOC solutions to identify and respond to critical security threats.
Des Lekerman, CEO, TiG added: “Over the years and with a number of strategic acquisitions, we have built a business that we are extremely proud of. This acquisition is transformational as we can now provide a deeper and broader set of services to our clients. There is huge demand in the market for an advanced digital MSP with a customer centric flexible approach. The combined suite of services are a key differentiator in the market and a fantastic opportunity for all our people.”
To drive the company’s ambitions to become the UK’s leading Advanced Digital MSP, ThirdSpace’s CEO, Neil Coughlan will join the TiG board as Chief Strategy Officer and Sales Director, Nick Lamidey, will join the board as Chief Sales Officer.
Neil Coughlan, said: “This acquisition builds on a long-standing relationship with TiG – a team that we know and trust, and an organisation that retains the same culture of supporting and developing great people to enable success. We are delighted to be realising one of ThirdSpace’s strategic goals in expanding our security capabilities with a full Managed Service Cloud Platform and offering.”
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