IT Lab acquires Reading tech firm
IT Lab has acquired Reading tech firm Sol-Tec.
This is the fourth acquisition since private equity firm ECI Partners acquired a majority stake in IT Lab in 2016. ECI typically invests in growth businesses valued up to £200m.
IT Lab, a tech solutions provider behind McLaren F1 sports cars, acquired SME specialist Mirus in 2019 and Microsoft Office365 and SharePoint partner Content and Code in September 2018.
Its move for Microsoft Azure partner Sol-Tec takes the turnover for the combined group to around £85m.
Sol-Tec enabled the transition of public sector giants including the Department of Work and Pensions, HMRC and Department for Education to the cloud.
Its Velocity Landing Zone proprietary methodology also supports a top-three UK supermarket chain and a top-five online financial services business.
Nik Topham, CEO and founder of Sol-Tec, commented: “IT Lab was the natural home for Sol-Tec, with its dedicated focus on Microsoft and the deep expertise already established across Modern Workplace and Dynamics 365, Sol-Tec’s exceptional Azure capability complements and strengthens the ability of IT Lab to help our combined clients truly leverage the power of the Microsoft Cloud.
“In addition to this being a great capability fit from our client’s perspective, our cultures, ethos and ambitions align perfectly.”
Peter Sweetbaum, CEO of IT Lab, stated: “Sol-Tec is a true Azure expert, with market leading expertise in the design, deployment and configuration of secure and compliant Azure environments.
“We are incredibly excited to add Sol-Tec’s award-winning Azure expertise to our market leading Modern Workplace and Dynamic 365 practices, further solidifying IT Lab as one of the UK’s leading Microsoft focused cloud services and solutions providers.
“Having the ability to deliver the functionality that Microsoft cloud centric services can provide, particularly at this pivotal and challenging time is key for our clients.”