Tyneside tech firm Aspire Technology Solutions has expanded its footprint in Yorkshire after snapping up a Leeds business in an undisclosed deal.
The Gateshead company – a former North East Company of the Year – has swooped for Cloud CoCo Ltd, an experienced managed service provider based in Leeds. Aspire bosses said the deal marks a strategic advancement in its plan to expand its UK presence and further strengthen its ability to deliver managed IT services, security solutions, and integrated modern workplace technology to clients across a range of industries.
Accounts show CloudCoCo turned over £7.3m in most recent Companies House filings covering 2023, up from £6.9m, but fell to a loss of £170,041 from the previous year’s profit of £161,098, with more than £88,000 accounting for exceptional items including restructure costs. The company, formerly part of AIM-listed Cloud CoCo Group Plc, had around 45 employees in the financial period.
The acquisition will bring over £10m in additional revenue and approximately 300 new customers to Aspire, which it said sets the stage for future growth. The acquisition comes a month after Aspire – which moved into Pipewell Studios, the former Baja beach club, overlooking the River Tyne in 2020 – grew its presence in Scotland with the acquisition earlier this year of Glasgow-based Cloud Cover IT, a managed service provider based in the city.
Aspire is aiming to recruit further in Glasgow and has also said it will be moving into larger offices in central Glasgow, on the back of a 35% boost to headcount in the city.
Chris Fraser, Aspire CEO and founder, said: “While CloudCoCo has undergone a period of structural transition, what truly stood out to us was its strong relationships with its high-quality customer base and the expertise within its team. These strengths align perfectly with our commitment to delivering technology like no other.
“This acquisition not only broadens our reach but also enhances our ability to offer responsive, innovative solutions that meet the evolving needs of our clients. The CloudCoCo team will be an important part of Aspire’s next chapter, and together, we’re ready to make an even greater impact across key UK regions.”
Darren Weston, group operations director at CloudCoCo Ltd, added: “Joining Aspire represents an exciting new phase for CloudCoCo. We look forward to working closely with Chris and the team to expand our reach, deliver added value, and provide a wider range of innovative solutions Aspire’s commitment to excellence aligns well with our own, it’s a powerful collaboration with a trusted UK technology provider that shares our values and goals.”
Aspire recently reinvested £1.7m into its technology stack, to back up the capabilities of its security operations centre and other critical infrastructure.
The business, which also has bases in London and Stockton, is backed by private equity firm LDC.
Original artice – https://business-live.co.uk/all-about/yorkshire-humber