Acquisitive IT firm makes latest deal after securing fresh funding
Wed, 27 Mar 2024 | BUSINESS SALE
Everything Tech Group, an acquisitive Manchester-based managed IT services company, has completed its latest acquisition after securing new funding to support its continuing growth strategy.
The company has acquired Burnley-based outsourced host solution provider Cardium Outsourcing Limited, which traded as Your Office Anywhere. The acquisition comes after the group secured funding from NatWest to support further acquisitions.
Everything Tech Group was founded by Mark Allen and Phil Smith in 2021 as MITSG. In February 2022, the company secured funding from Boost & Co and completed four acquisitions over the remainder of the year: IT Farm; the CSS Group; cloud comms specialist Nexbridge Communications; and Everything Tech.
Commenting on the acquisition of Cardium Outsourcing, Everything Tech Group co-founder and CFO Mark Allen said: “It’s not just enterprise customers who need visibility, cost control and security from cloud platforms. We felt this presented an excellent opportunity to extend our products further and was an excellent fit for Everything Tech. It will bolster and enhance our existing portfolio.”
Regarding the new funding, Allen said it would “underpin” the company’s strategic approach, “enabling us to deliver our growth plans at an accelerated pace.”
He continued: " Armed with this investment, we will continue to grow both organically and through M&A during 2024 and beyond, aligning with our clear business objectives and vision for the future. The immediate M&A growth this investment will finance allows us to scale up faster and amplify our current growth further.”
Tom Murray, vice-president of UK Financing Solutions at NatWest, said: “At NatWest, we are proud to champion ambitious businesses by providing smart financing solutions that unlock strategic growth opportunities for our clients. This is a great example of a flexible investment that will support Everything Tech Group, as the business goes from strength-to-strength.”
While M&A financing conditions are tough, there are a wide array of funding options available to firms seeking to grow acquisitively
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