Oakley Capital Investments Ltd on Monday announced its acquisition of West Yorkshire-based data protection provider, Assured Data Protection Ltd, for around £26 million.
The Bermuda-based private equity firm specialising in the technology, consumer, education and business services sector said it plans to support Assured in capitalising on strong growth in underlying markets such as the US, with a focus on providing the required capital and structures to enable sustained organic growth.
It said that Assured consistently generates high double-digit growth, with almost 100% recurring revenue as well as low customer churn as a result of growing demand.
Oakley Capital Co-Founder & Managing Partner Peter Dubens said: ‘This is a rare opportunity to invest behind a proven team that has built a business that will benefit from several structural tailwinds and has an attractive business model that is differentiated and scalable. Assured is an IT services business with strong organic growth and recurring revenues, genuine IP and led by exceptional founders.’
This will be Oakley’s seventh new investment in 2024, following recent investments in software businesses such as cybersecurity provider I-TRACING, logistics & transport software-as-a-service provider Alerce, medical software business Horizons Optical Slu, and broadband open access platform vitroconnect GmbH.
Assured Chief Executive Officer & Founder Simon Chappell said: ‘More and more companies are having to strengthen their IT and data systems in the face of increased cyber and ransomware attacks that can cripple operations. Assured is well-placed to help mitigate these risks as the partner of choice for small and medium-seized enterprises. We were looking for a genuine partner that could help us scale our business and were impressed by Oakley’s track record of helping to build more than €1.0 billion global industry leaders and equally the firm’s entrepreneurial ethos and approach. We look forward to working with the team to further strengthen Assured’s market-leading position.’
The five co-founders of Assured will remain invested in the company and continue to manage the business.
Shares in Oakley Capital were 0.6% lower at 508.88 pence each in London on Monday morning.
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