News
Acora secures new funding to support next growth phase
5 Oct 2022
Acora is pleased to announce it has secured a new minority investment with LDC, the private equity arm of Lloyds Banking Group.
The new investment round, supported by debt funding from Ares and HSBC, will provide long-term financing for the company’s next phase of growth.
The transaction follows a successful two-and-a-half year journey with Palatine Private Equity LLP. Since 2020, this has enabled Acora to complete five acquisitions, including the transformational acquisition of cybersecurity specialist Secrutiny earlier this year; the company has also achieved double-digit organic growth which exceeds 20% in 2022.
Founded in 2006, Acora is now ranked number one MSP in the UK and in the top ten globally. Based in the UK and operating worldwide, it specialises in providing managed IT services to mid-market customers across a range of sectors, with particular expertise in financial, insurance and other professional services. The company is also pioneering a game-changing new approach to managed services through its Experience Led Agreement (XLA) which places the all-important user experience at the centre of IT provision, reporting and decision-making.
Acora is led by David Rabson (CEO), Gary Page (CFO) and Richard Atkins (Chairman) together with a highly experienced senior leadership team; the company now employs more than 550 technical and other staff at its five UK service operation centres and its London City office.
David Rabson says: “This new investment from LDC gives us significant firepower to help accelerate our ambitious growth plans. This investment is all about continuing our existing trajectory over the longer term.”
I have been talking to LDC for more than a decade and believe they’re the partner we need for the next stage in our journey. We have a strong M&A playbook while driving further innovation and organic growth; we’re very much looking forward to working with Yann Souillard and the LDC team."
“I’d also like to extend my thanks to Palatine Private Equity for their support over the last 30 months. From the outset, they have been a supportive investor and have been true to their word throughout; we now have the strongest possible platform for future growth.”
Acora was advised by DC Advisory and Eversheds Sutherland with additional financial support from RSM.
LDC was advised by BDO M&A on the transaction.