Thu, 01 Aug 2024 | BUSINESS NEWS
Private equity investor LDC, part of Lloyds Banking Group, has made a significant minority investment into a cloud services provider. The funding will support Creative ITC’s acquisitive and organic growth strategy.
The company provides specialist and mission-critical cloud infrastructure services, including data storage and back-up and recovery, as well as its desktop-as-a-service offering. It is seeking to explore complementary acquisitions and accelerate its growth in new markets.
Keith Ali, Chief Executive at Creative ITC, said: "Having grown rapidly in recent years, we’re now perfectly placed to explore new markets and continue to enhance the service we offer to our customers.”
"The team at LDC has taken the time to get under the skin of Creative ITC and our products and services, and we’ve built a strong relationship with them over a number of years.”
"They have clear and impressive experience in backing businesses like ours, which includes offering flexible funding to support acquisitions, and we’re looking forward to partnering with them throughout this next phase of growth."
The deal was led by LDC partner Chris Baker and Investment Manager Tom Jervis, who will both join Creative ITC’s board as non-executive directors. Mark Thompson will also join the company’s board as non-executive chair.
Chris Baker commented: "Keith, Eamon and the rest of Creative ITC’s excellent management team combine deep technical domain expertise with in-depth knowledge of the unique technology challenges of the AEC market to deliver exceptional solutions to their customers.”
"The business is growing quickly and is well placed to capitalise on increasing levels of demand, whilst continuing to provide customers with market leading service levels and unrivalled domain expertise. We look forward to working with them to help identify and capitalise on new opportunities."
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