A Leeds-based cloud hosting, disaster recovery and cyber resilience technology company is ramping up its growth plans following its acquisition by private equity firm MonacoSol.
virtualDCS is the latest addition to tech and software-focused MonacoSol’s portfolio.
MonacoSol is the family office of technology and software entrepreneur Richard Beaton, who is its chairman. His sons Ollie and Eddie are its chief executive and chief financial officer respectively.
In October, MonacoSol announced a war chest of £40m to power its acquisition strategy.
The other companies in MonacoSol’s portfolio are Open ECX, an AP automation software provider, recruitment vendor management platform Hiring Hub and graduate sales and training recruitment provider Furza, which are all based in the North.
Manchester-headquartered MonacoSol has taken a majority stake in virtualDCS for an undisclosed sum.
The co-founders of virtualDCS – Richard May, John Murray and Dan Nichols – will remain with the business for the next phase of its journey.
Following the deal, virtualDCS has moved its headquarters from The Waterscape in Kirkstall to larger offices at Wellington Place, a modern development in Leeds city centre.
It currently has 22 staff, including developers, system analysts, network engineers and cyber security specialists, and expects its workforce to grow by around a dozen over the next 12 months backed by MonacoSol’s investment, with recruitment plans focused on expanding its commercial and technical teams.
The business, which was founded in 2008 and turns over £2.8m, works directly with customers as well as through a variety of channel partners, including Phoenix Software, CCS Media and Vapour Cloud, that deliver its cloud services to their own client base.
Customers of virtualDCS span sectors ranging from retailing, local government, hospitality, food wholesaling, healthcare, IT support and fuel supplies to research outfits and professional bodies. Clients include B&M Retail, The Rix Group and its diverse portfolio of businesses, and Achilles, a supply chain risk management software provider.
The company delivers a range of cloud services, including a host of innovative and purpose-built Software as a Service products which enable companies to protect their data and enhance their cyber resilience and security.
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Richard May said: “This acquisition is a key moment in virtualDCS’s journey. By joining forces with MonacoSol, we’re gaining the resources and expertise needed to accelerate our growth and enhance what we offer to our customers.
“It’s very much business as usual for our clients and, with the added firepower of MonacoSol, we’re in an even stronger position to innovate, expand our capabilities and deliver exceptional solutions.
“I’m confident this partnership will drive the business to new heights while continuing to provide the level of service to which our customers are accustomed.”
Ollie Beaton said: “We are extremely excited by the acquisition of virtualDCS. It’s an innovative cloud business with a knowledgeable team and a loyal customer base, and we are thrilled to be involved.
“Alongside the financial investment, the MonacoSol team has a great deal of experience in the cloud technology industry to help support the virtualDCS team to accelerate the next phase of growth for the company.”