Aspire Acquires Leeds' CloudCoCo as Part of UK Expansion
Deal News | Nov 04, 2024 | Business Cloud
Aspire, a managed service provider headquartered in Gateshead and backed by private equity investor LDC, has announced the acquisition of CloudCoCo, a Leeds-based managed service provider. This strategic acquisition is part of Aspire's ambition to expand its presence within the UK. This follows its January 2024 acquisition of Cloud Cover IT, which enhanced its footprint in Scotland. The deal will add over 10 million in additional revenue for Aspire and integrate CloudCoCo's team and expertise in areas such as managed IT, cloud, and unified communications, furthering Aspire's capabilities to provide tailored and innovative services. CloudCoCo, following a period of structural transition, maintains strong customer relationships, which Aspire's CEO Chris Fraser recognized as integral to their growth strategy. The acquisition aims to leverage these strengths to deliver innovative technology solutions and broaden service offerings within key UK regions. Both companies express commitment to a shared vision, anticipating a stronger collaborative impact in the sector.
Sectors
- Information Technology Services
- Private Equity
Geography
- United Kingdom – Aspire is expanding its presence within the UK, particularly by acquiring CloudCoCo, a company headquartered in Leeds.
Industry
- Information Technology Services – The article involves Aspire and CloudCoCo, which are both managed service providers in IT and cybersecurity solutions.
- Private Equity – LDC, a private equity investor, backs Aspire, and the broader context of the article involves private equity in corporate transactions.
Financials
- 10 million – Projected additional revenue from acquiring CloudCoCo.
- 1.7 million – Recent investment by Aspire in its technology stack.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Aspire | Acquiring Company | Company | A managed IT and cybersecurity provider headquartered in Gateshead, backed by LDC, with ambitions to expand its UK presence. |
| CloudCoCo | Target Company | Company | A managed service provider based in Leeds, known for strong customer relationships and expertise in managed IT, cloud, and unified communications. |
| LDC | Private Equity Firm | Company | Backers of Aspire, involved in strategic investments and corporate development. |
| Chris Fraser | CEO and Founder of Aspire | Person | Key executive leading Aspire's expansion strategy. |
| Darren Weston | Group Operations Director at CloudCoCo | Person | Responsible for operations at CloudCoCo, now transitioning with the company under Aspire. |