Fri, 22 Nov 2024 | BUSINESS SALE
IT managed service provider (MSP) Redsquid is going national after sealing new funding and another acquisition.
Redsquid, which has offices in London, Oxford and Chinnor, has bought fellow MSP IT Hotdesk which supports SMEs in Aberdeen and surrounding areas in Scotland.
B Corp-Certified Redsquid said the move marked a new era for the business in the shape of a national expansion strategy.
As part of the acquisition – its third this year - Redsquid went through a refinancing round partnering with a new lender in London-based provider ThinCats.
Sohin Raithatha, chief executive of Redsquid, said the IT Hotdesk deal marked its first move into Scotland. “We are so excited for this next growth journey. We have long had a presence in the North and look forward to being closer to our customers so we can continue providing value as their local MSP,” he said.
Gordon Christie, founder of IT Hotdesk added: “The acquisition will see our team and operations integrated into Redsquid’s. The move aligns perfectly with our vision of supporting our customers transition to greener technology and we look forward to becoming a part of the journey as the region transitions from traditional oil and gas industries to renewable energy sectors.”
On the ThinCats deal Raithatha said: "We are incredibly excited about our partnership with ThinCats. This refinancing agreement is a testament to our shared vision of driving sustainable growth and innovation. It provides us with the financial agility to pursue strategic acquisitions that will strengthen our service offerings and broaden our reach across the UK. Our national expansion begins."
Dave Sherrington, MD London and South, of ThinCats, added: "Sohin and the senior leadership team at Redsquid have established a distinctive and attractive proposition which has all the ingredients to build on its tremendous success to date. This new partnership means they are well positioned to capitalise on opportunities in a highly fragmented market. Our funding is ideal to support fast growing, acquisitive businesses and we are excited to be on this journey with them."
Strategic advice was provided by Altenburg Advisory.
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