UK-based IT company Adapt, which is backed by Lyceum Capital, said on Monday that it has acquired Sleek. No financial terms were disclosed. Based in Leeds, England, Sleek is a provider of cloud solutions.
Lyceum Capital-backed Adapt, the independent IT managed infrastructure provider, has acquired Leeds-based cloud hosting provider Sleek. The deal sees Adapt accelerate its organic growth by gaining more than 20 enterprise customers, a team of 20 skilled technical staff and a strategic footprint in the North of England.
The acquisition of Sleek represents the second add-on by Adapt since Lyceum backed the business in a £30m transaction in September 2011, following the £13m acquisition of eLinia, a provider of cloud computing and infrastructure outsourcing, in April 2012.
Existing Sleek customers, who already take advantage of the provider’s managed private, public and hybrid cloud models, now have the option to add further scale to their services with access to Adapt’s wider portfolio of managed services, real-time management portal (aMP) and enterprise Virtual Data Centre (eVDC) platform.
Stewart Smythe, CEO of Adapt, said: “Both organisations deliver the highest quality infrastructure, wrapped in an exceptional support layer. Our shared vision is perfect for those organisations who see IT as a strategic asset that must contribute to their competitive advantage and bottom line.
“Sleek enhances what we already offer to customers and is a very natural fit. The acquisition broadens Adapt’s existing IaaS proposition with accessible entry-level cloud services; for Sleek it’s an opportunity to deliver scale choice to its customers without compromising on the account management and service quality that they’ve come to expect.”
Ryan McCarry, Managing Director at Sleek, added: “We admire the way Adapt has developed infrastructure designed to serve the needs of the mid-tier and enterprise market. It is a credible, knowledgeable provider with quality service values like our own that make it stand out in the sector and our customers are excited about the opportunity it offers. It will accelerate growth in our region, consolidate our position and further develop our reputation for quality cloud services.”
Simon Hitchcock, Partner at Lyceum Capital, commented: “Following the successful integration of eLinia, we are delighted to have supported Adapt in making this second acquisition in our 22 months of ownership. Sleek is an attractive business with a quality management team and operates in a fast growing niche of the hosted infrastructure market. This off market acquisition is a good example of Lyceum’s deal sourcing and buy and build model in action, and demonstrates our deep understanding of the IT managed service market.”
24 June 2013
About Lyceum Capital
Lyceum Capital is an independent investment firm that invests in innovative and growing mid-sized UK-headquartered businesses; having invested over 60 businesses in the UK and internationally over the last ten years. Lyceum plans to invest a further £300 million in the UK over the next two to three years.
Lyceum Capital makes targeted investments in mid-sized businesses with the potential to become larger participants in fragmented and growing sectors; and has a strong track record across a number of industries.
Lyceum Capital works alongside management teams to increase scale by driving growth through investing in infrastructure and improved operations as well as sourcing and funding complementary acquisitions in the UK and internationally. Through a combination of investment, operational and strategic input Lyceum Capital helps management build robust and successful businesses with good long-term growth prospects. www.lyceumcapital.co.uk
Adapt is an award-winning, UK Managed Hosting Provider, delivering enterprise-class cloud, infrastructure management and data centre services to a wide range of enterprise clients that operate business critical applications. It helps customers make the transition to highly secure, scalable, enterprise-class IT that delivers real-world advantage, enabling change and innovation.
Adapt’s services increase agility. Its integrated offering spans the entire IT infrastructure from end-to-end infrastructure management and cloud-based services through to colocation, hosting and complex world-class networking solutions, underpinned by flexible, OPEX-based commercial models. www.adapt.com