MSP CEO: New acquisition will give 'more foothold' in financial services sector
TIG acquires netConsult, with CEO Lekerman saying the UK will remain a financial centre after Brexit
Managed service provider TIG has scooped up IT consultancy firm netConsult to bolster its financial services offering, according to CEO Des Lekerman.
The acquisition will double Watford-based TIG's headcount to 90, with netConsult's co-founder and CEO Richard McDonald leading an expanded financial services team.
"This acquisition gives us more of a foothold in the financial services sector," Lekerman (pictured) told CRN.
"We liked the business and the services and solutions they provide. It is complementary to what we do because we have some financial services customers in the insurance and private equity sectors and it adds to that.
"It's a good solid business that has been going for 16 years; it has had a good growth profile over the past five years, growing at 20 per cent per annum."
Lekerman added that the new addition will enhance TIG's financial services offering to customers, while allowing London-based netConsult to take advantage of TIG's expertise in artificial intelligence, data analytics and machine learning.
The chief exec regards financial services as a resilient sector amid the Brexit saga.
"I think London will remain a financial centre, regardless of whatever happens with Brexit," he said.
"Financial services is a strong industry and one that we understand and want to continue to focus on.
"There is a demand for IT services and digital transformation and I think that is where we will enhance netConsult by enabling them with our Azure and Microsoft cloud skills."
The Microsoft partner received £6m last July from the British Growth Fund (BGF) to support its strategy of organic and inorganic growth.
Lekerman said that TIG was seeking further acquisitions but remained coy as to which industry or where a potential new acquisition would be.
"We are looking at more acquisitions this year," he stated. "We have another business that we are in conversations with and it will be a really good addition to bolster our portfolio."