Aspire Technology Solutions Expands with CloudCoCo Acquisition
Deal News | Nov 01, 2024 | LDC
Aspire Technology Solutions, a prominent UK provider specializing in managed IT, cybersecurity, and modern workplace solutions, has acquired CloudCoCo Limited, a managed service provider based in Leeds. This strategic acquisition is an integral part of Aspire's plan to enhance its UK presence and improve service delivery across various sectors. With the acquisition, Aspire expects to increase its revenue by over £10 million and add approximately 300 new customers. CloudCoCo's expertise in managed IT, cloud, and unified communications complements Aspire's capabilities, promising more tailored and responsive services for businesses. This deal follows Aspire's recent acquisition of Cloud Cover IT and represents continued growth and strengthening of services. Both CEOs, Chris Fraser of Aspire and Darren Weston of CloudCoCo, highlighted the alignment in values and commitment to innovation as core drivers of the acquisition. Supported by LDC, a private equity firm, Aspire has also reinvested £1.7 million to reinforce its technology and infrastructure, further solidifying its position as a leader in managed IT and cybersecurity solutions.
Sectors
- Information Technology Services
- Private Equity
- Cybersecurity
Geography
- United Kingdom – The article focuses on companies based in the UK, specifically highlighting expansions in Leeds, Gateshead, Glasgow, London, and Stockton.
Industry
- Information Technology Services – Aspire and CloudCoCo are involved in providing managed IT services, which include cybersecurity and cloud solutions.
- Private Equity – LDC is a private equity firm backing Aspire Technology Solutions in its growth phase, facilitating the acquisition of CloudCoCo.
- Cybersecurity – The article discusses Aspire's strengthened ability in providing cybersecurity solutions, a key aspect of their service offerings.
Financials
- £10 million – Expected additional revenue from the acquisition of CloudCoCo.
- £1.7 million – Aspire's recent reinvestment in technology and infrastructure as per the FY24 accounts.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Aspire Technology Solutions | Acquirer | Companies | A UK-based provider of managed IT, cyber security, and modern workplace solutions. |
| CloudCoCo Limited | Target Company | Companies | A managed service provider headquartered in Leeds, UK. |
| LDC | Private Equity Firm | Companies | A leading private equity firm supporting high-growth UK businesses, backing Aspire Technology Solutions. |
| Chris Fraser | CEO and Founder of Aspire | People | The chief executive officer and founder of Aspire Technology Solutions, overseeing strategic growth including acquisitions. |
| Darren Weston | Group Operations Director at CloudCoCo | People | An operations executive at CloudCoCo, involved in the acquisition by Aspire. |