Private equity firm GI Partners is set to acquire Sheffield internet services firm ASK4 from current owner Bowmark Capital.
The undisclosed deal, which is subject to regulatory approvals, will be San Francisco-based GI’s first data infrastructure investment in Europe. ASK4 provides managed internet and internet of things services to multi-tenant buildings in 12 European countries and boasts more than 320,000 customers.
GI said Bowmark’s investment had helped the Yorkshire firm to strategically expand into new segments. Data infrastructure is one of three key areas of focus for GI, which has raised more than $41bn.
Andrew Dutton, CEO of ASK4, said: “ASK4’s purpose is to support people and communities to be connected, allowing them to live life and work productively in their homes and workspaces. We have enjoyed a fantastic partnership with Bowmark over the last five years and we are excited about the future with GI as we continue to develop the ways we support existing clients and expand the delivery of our services into multi-tenant communities across Europe and North America.”
Matt Barker, managing director and head of Europe for GI Data Infrastructure, added: “ASK4’s core proposition is the delivery of fully managed Wi-Fi connectivity within multi-tenant buildings serving students, working professionals and people in retirement. We are delighted to partner with Andrew Dutton and the ASK4 team to execute a focused geographical, sector and service expansion effort. ASK4’s technical and service excellence is uniquely positioned to provide real estate investors and operators with market leading services that drive retention, re-bookings and improved net operating income.”
Mark Prybutok and Brendan Scollans, co-heads of GI Data Infrastructure, added: “We are pleased to be announcing our first European investment for GI Partners’ Data Infrastructure strategy. We have tracked the development of ASK4 for many years, and our teams in Europe and the US worked closely together to execute on this investment. ASK4’s balance of high-quality contracted revenues and attractive value-add growth prospects makes it a very well-suited addition to the GI Data Infrastructure portfolio.”
Original artice – https://business-live.co.uk/all-about/yorkshire-humber