IT Lab acquired by high growth private equity firm ECI
Leading technology and managed services provider IT Lab, which last year acquired Manchester-based IT provider JMC IT (originally J M Computing), has sold a majority stake in the company to mid-market private equity firm ECI.
IT Lab, which has a turnover of around £35m (up £5m since we reported on the acquisition of JMC last year), said ECI will support the company in its goal of becoming the UK’s leading managed service, platform and business performance services provider. ECI focusses on high growth businesses, with a current deal size of £20m to £150m.
IT Lab, a 325-staff company operating out of London, Manchester and Cape Town, provides infrastructure, cloud, security, technology transformation and change projects, strategic consulting, ERP software implementation mobility, and user support.
It also provides strategic advice to SMEs and mid-market organisations on leveraging data analytics, applied use of IoT (Internet of Things) and the development of digital transformation strategies.
IT Lab’s acquisition of JMC IT – which was best known in the legal IT sector for its integration services for larger North-West law firms – transformed it from a London-based company to one with a national presence. Former JMC managing director Andrew Burgess, who was retained as director of integration and a non-executive director, left the company in June.
Before acquiring JMC IT, IT Lab’s acquisitions included Atlanta Technology, a cloud, managed services & IaaS provider, and Systems Ability, a managed services & application lifecycle management services company.
Peter Sweetbaum, CEO of IT Lab, who will remain in that position said: “Partnering with ECI will allow us to deliver a greater focus on clients as they navigate new technologies. In the coming years, our clients will be faced with new challenges and this deal will help us to take a lead in service provision as IT outsourcing’s growth continues.”