3 January 2019: TIG, the award-winning provider of IT transformation and Cloud services, has acquired netConsult, an IT consultancy focused on the financial services sector backed by investment from BGF. This forms part of a long-term strategy for developing service capability, sector expertise and scale.
The acquisition of 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 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.
TIG provides cloud transformational services for a range of medium and large sized businesses. It is a Gold Microsoft Cloud and productivity partner, providing the full range of private, public and Hybrid cloud services.
The investment from BGF will be used to grow the business organically and through acquisition. BGF has backed nearly 70 technology businesses since 2011, including UKCloud, DevOpsGroup and Virtual1.
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 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.
“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.”
Richard McDonald at netConsult said: “We’re delighted to be joining Des and his team at TIG. 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: “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.”