Roc Technologies, one of the UK’s fastest growing companies for IT services, has secured a £10m investment from BGF to support its longer-term growth strategy and the acquisition of City Change Management (CCM).
Founded in 2013 by Chief Executive Matt Franklin and COO Steve Shirley, Roc provides business and technology transformation services to multinational companies and public sector organisations. The business, which is headquartered in Newbury, Berkshire achieved organic growth of more than 90 percent between 2016 and 2017.
Chelmsford-headquartered CCM provides project management services for complex business and IT transformation projects, with a focus on commercial, public, legal and higher education sectors. The company recently helped Gatwick Airport deliver its ‘Airline Moves Programme’ and worked with an international, magic circle law firm to replace its entire global intranet service.
Roc’s acquisition of CCM will add further scale to the business, and provide an extended service offering to customers of both businesses. CCM’s founders Tim Bretman and Danny Hargest will remain in the business and join Roc’s management team.
In addition to the CCM acquisition, Roc will use BGF’s funding to support its growth strategy. The company will continue to invest in its own operations and infrastructure and explore potential future acquisitions.
BGF is the UK’s most active investor in small and mid-sized businesses in the UK and has invested in two of Roc’s delivery partners, UKCloud and Vysiion. Roc featured in second place in The Sunday Times Tech Track 100 2016 and was named in the LSE 1,000 Companies to Inspire Britain in 2017.
The £10m investment into Roc was led by BGF’s James Austin, Alex Snodgrass, Daniel Tapson and Jack Teasdale, based in BGF’s Reading office.
Roc Chief Executive Matt Franklin said: “Roc has experienced significant growth, and our strategy is to continue to increase the scale of the business whilst enhancing the services and value we provide to customers. Our partnership with BGF provides access to their £2.5bn funding capability which will help us to execute future business development opportunities, the acquisition of CCM is part of that plan. Having successfully delivered a number of high-profile, complex transformation projects, CCM has developed a strong industry reputation. We have known CCM for over 10 years and have collaborated on some major customer initiatives, the formalisation of our relationship will enable us to bring powerful joint services to the market.
“The decision to bring in an external equity investor as part of this process wasn’t taken lightly. However, BGF’s long-term, non-controlling approach was a good fit with our own ambitions. The BGF team has a growing reputation in the tech industry and in particular with some of our delivery partners. We have got to know them well throughout the investment process, and are looking forward to partnering with them.”
BGF’s James Austin, who will join the board of Roc Technologies said: “Roc has experienced very significant and rapid growth during the past four years. Matt and Steve’s ability to drive and manage that growth is testament to their leadership, expertise and market knowledge. We are delighted to be backing the company with funding, connections and support.”