TIG Buys netConsult, Raises $7.6 Million for Acquisitions
TIG, a Top 100 Public Cloud MSP and Microsoft partner, has acquired netConsult, an IT consultancy in the financial services sector. TIG also raised US$7.58 million (£6 million) from BGF, a UK-based investment firm, to pursue additional acquisitions along with organic growth.
TIG is headquartered in Watford with offices in London; netConsult is headquartered in London. TIG gains roughly 45 netConsult employees, bringing total company headcount to roughly 90 staff. The combined business will focus on financial services, AI (artificial intelligence), data analytics and machine learning. netConsult CEO Richard McDonald will lead the financial services team, and his lieutenants will also join the combined company.
Ahead of the deal, TIG already was a Gold Microsoft Cloud and productivity partner, providing private, public and hybrid cloud services. TIG has been an early mover on multiple cloud fronts. In addition to migration services, the company also helps customers to closely track and optimize their cloud services costs.
TIG Acquires netConsult: Executive Perspectives
In a prepared statement, TIG CEO Des Lekerman 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.”
Added netConsult’s Richard McDonald:
“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.”
TIG is well-positioned to help midmarket businesses move to the cloud over the next five years, according to Mark Nunny, a BGF investor who joins TIG’s board.