TiG, one of the UK’s leading Cloud, Data Analytics and Managed Services providers to the financial services sector, has acquired ThirdSpace, a UK-based provider of Microsoft Identity and Cyber Security solutions.
TiG, one of the UK’s leading Cloud, Data Analytics and Managed Services providers to the financial services sector, has acquired ThirdSpace, a UK-based provider of Microsoft Identity and Cyber Security solutions.
The combined proposition delivers a fully comprehensive suite of services based on Microsoft technology, for organisations that demand secure modern working and digital transformation.
The group now boasts over 210 employees providing advanced Azure transformational solutions, data analytics, 24/7 managed services, as well as the latest Sentinel and SOC solutions to identify and respond to critical security threats.
TiG secured GBP6 million investment from BGF – the UK and Ireland’s most active investor – in 2018 to support the business’s organic growth and acquisition strategy. To facilitate this latest merger with ThirdSpace, TiG has now announced a further GBP8 million worth of follow-on funding from BGF.
Des Lekerman, CEO, TiG, says: “Over the years and with a number of strategic acquisitions, we have built a business that we are extremely proud of. This acquisition is transformational as we can now provide a deeper and broader set of services to our clients. There is huge demand in the market for an advanced digital MSP with a customer centric flexible approach. The combined suite of services are a key differentiator in the market and a fantastic opportunity for all our people.”
To drive the company’s ambitions to become the UK’s leading Advanced Digital MSP, ThirdSpace’s CEO, Neil Coughlan will join the TiG board as Chief Strategy Officer and Sales Director, Nick Lamidey, will join the board as Chief Sales Officer.
Both organisations are recognised by Microsoft, with ThirdSpace the first service provider to be awarded Partner of the Year for Security and Compliance, finalists in 2020, and recently recognised as one of the first 10 partners globally to be awarded the Microsoft Threat Protection Advanced Specialisation.
Coughlan says: “This acquisition builds on a long-standing relationship with TiG – a team that we know and trust, and an organisation that retains the same culture of supporting and developing great people to enable success. We are delighted to be realising one of ThirdSpace’s strategic goals in expanding our security capabilities with a full Managed Service Cloud Platform and offering.”
The acquisition has been completed with the financial backing of minority investor BGF and debt funding from Santander’s Growth Capital team. Both continued to support TiG’s ambitious plans for expansion and market penetration going forward. It is the third acquisition that TiG has made since BGF’s investment.
Mark Nunny, investor at BGF, says: “We’ve supported TiG since 2018 and this latest round of funding forms part of a long-term strategy for developing service capability, sector expertise and scale. The acquisition of ThirdSpace adds a value-enhancing skillset in cyber that mirrors a wider trend in the market towards having highly valued specialised skill sets. TiG has responded well to the enhanced demand for managed services in IT and its buy and build strategy has placed them in a strong position to fast track growth in the future.”
Tavia Sparks, Director Santander Growth Capital, says: “We are delighted to continue to support TiG and BGF in their consolidation strategy within the sector. ThirdSpace brings enhanced capability to the group inCyber Security and both businesses have traded strongly through the last year. The group is well positioned to capitalise on the increasing demand for managed services, accelerated through the shift towards remote working.”
ThirdSpace was advised by Moore Barlow.
