38.05 F
London
November 22, 2024
PI Global Investments
Private Equity

Software firm 2i Testing targets £50m sales as it secures ‘eight-figure’ private equity funding


Software firm 2i Testing has secured an “eight-figure” private equity funding deal and now plans to more than double its turnover through acquisitions.

Edinburgh-based 2I has secured the funding from London-based private equity firm Rockpool Investments to grow its work helping organisations to roll out complex new IT systems




2i already has more than 200 staff across the UK with clients including the Home Office, Virgin Money, Abrdn and the Scottish Government’s Social Security Directorate. Rapid organic growth in recent years has seen it grow to a turnover of more than £20m.

Dave Kelly, who moved from managing director to CEO in 2022, says Rockpool’s cash injection will allow 2i to explore acquisition opportunities.

He said: “We are absolutely delighted with this investment from Rockpool who we believe are the perfect partner to help us on the next stage of our growth journey. Their support and expertise will help us to further develop our service offerings and identify acquisition opportunities to support our aim of becoming the premier quality engineering company in the UK.”

Rockpool provides funding of between £5m to £15m to UK-based private companies and has invested over £675m since its launch.

Its investment was led by Guy Nieuwenhuys and Will Beckett.

Mr Nieuwenhuys, investment director at Rockpool, said: “We are delighted to be partnering with Dave Kelly and the 2i team as they continue their strong organic growth and embark on a buy and build journey.



Source link

Related posts

Ten private equity terms you need to know

D.William

Private equity prioritizes value over growth

D.William

Major insurer partners with private equity firm for care coordination

D.William

Leave a Comment

* By using this form you agree with the storage and handling of your data by this website.