Aspire expands with strategic CloudCoCo acquisition
Deal News | Nov 01, 2024 | B Daily
Aspire Technology Services, a leading IT firm based in Gateshead, UK, has made a strategic acquisition of CloudCoCo Limited, a Leeds-based managed service provider. The acquisition expands Aspire's capabilities in IT management, cybersecurity, and modern workplace services, adding over £10 million in revenue and 300 new clients to its portfolio. CEO Chris Fraser highlighted the strong relationships and expertise of CloudCoCo's team as key factors in the acquisition, which aligns with Aspire's commitment to delivering unrivaled technology solutions. The move comes after Aspire's recent acquisition of Cloud Cover IT and signifies a continued expansion towards becoming a nationwide IT leader, strongly supported by private equity firm LDC.
Sectors
- Information Technology
- Private Equity
Geography
- United Kingdom – The companies involved, Aspire Technology Services and CloudCoCo, are based in the UK, with operations expanding in key locations like Leeds, Gateshead, Glasgow, London, and Stockton.
Industry
- Information Technology – The article discusses the acquisition of a company that provides IT services, including managed IT services, cybersecurity, and cloud solutions, which are core aspects of the Information Technology industry.
- Private Equity – Aspire's acquisition strategy is supported by a private equity firm, LDC, highlighting the role of private equity in enabling M&A activities and growth within the IT sector.
Financials
- £10 million – Projected revenue addition from the acquisition of CloudCoCo.
- £1.7 million – Reinvestment in Aspire's technology stack, supporting its expanded operations.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Aspire Technology Services | Bidding Company / Buyer | Company | A Gateshead-headquartered technology firm, known for its rapid growth and comprehensive IT solutions including managed IT, cybersecurity, and cloud services. |
| CloudCoCo Limited | Target Company | Company | A Leeds-based managed service provider specializing in cloud and unified communications services. |
| LDC | Private Equity Firm / Financial Backer | Company | The private equity firm backing Aspire Technology Services' expansion, facilitating strategic acquisitions to enhance their market reach. |
| Chris Fraser | Aspire CEO and Founder | Person | CEO of Aspire Technology Services, leading the company's growth strategy. |
| Darren Weston | Group Operations Director at CloudCoCo | Person | Operations Director at CloudCoCo, overseeing the integration and expansion post-acquisition. |