A Scottish tech firm has raised £8.7 million to expand its reach around the UK.
Kick ICT, which was founded in 2015 by entrepreneur Tom O’Hara alongside Alan Turnbull and David Chazan, provides a range of IT services, focusing on financial systems, data analytics, technical and cyber services.
Headquartered in Strathclyde Business Park, Kick ICT has enjoyed significant expansion in recent years through a combination of organic growth and an M&A strategy.
The business has completed seven acquisitions to date with the most recent being Turnkey Business Software and Turnkey Infrastructure Solutions in August this year.
These acquisitions were supported by HSBC, who will remain a key funding partner for the business. Revenue has grown to £18m with a portfolio of over 900 customers spanning SMEs to larger organisations, across a variety of sectors.
Alongside BGF’s investment, Geoff Neville has been appointed as chairman. He has extensive experience as a senior executive, with a track record of driving market-leading growth across IT and business services organisations, including Admiral plc, Sx3 and Fujitsu Services.
He is currently chairman of several other technology businesses, including InvenioLSI, a global provider of SAP enterprise solutions and consultancy for the Public and Media sectors in which BGF is also an investor.
His appointment is the result of an introduction from BGF’s Talent Network, which is the UK’s largest pool of non-executive directors.
“This year has been a particularly positive and eventful one for the business,” said O’Hara. “In addition to growth through acquisitions, we have experienced increased demand for services such as ERP, cyber security and network environment support as businesses embrace and plan for the future world of working.
“Our focus is to continue to build on Kick ICT’s track record and integral to this was ensuring we have the right type of investment and input to underpin the next chapter of our growth journey.
“As a firm that shares our values for developing client trust and relationships, BGF is the perfect partner to support us with our ambitious vision for Kick ICT.”
Richard Pugh, investor at BGF who led the deal, said: “We have been following Kick ICT’s growth trajectory for some time and have been particularly impressed by the reach of its operations, the strong feedback from its customers and partners, and the experience of Tom and the wider management team.
“The IT services market continues to perform strongly and this, combined with our strong experience in the sector, means there is a real opportunity to further grow its capabilities, scale and presence both in Scotland and more widely across the UK.”