Maven invests in Incremental Group
Maven has supported the launch of a new digital technology services business, Incremental Group, with the maiden acquisition of IT specialist First eBusiness Solutions. The Incremental Group will provide a range of digital services including Microsoft Dynamics ERP, consultancy and analytics to the public, financial, and energy service sectors in Scotland and across the UK.
The transaction in Incremental has been part-funded by Maven’s established co-investment network, Investor Partners, and represents its sixth private equity investment of 2016.
The new business will be led by Neil Logan, formerly the CTO of Lockheed Martin Business Technology Solutions, supported by Craig Donnelly and Stuart Kerr who also held senior executive roles in sales and finance at Lockheed Martin, and previously at Amor Group. Scott Leiper, formerly the COO of Amor, has joined the new business as Chairman.
Based near Aberdeen, the award-winning Microsoft Dynamics ERP and infrastructure specialist has a strong and long term client base in the public and private sectors. The incoming Incremental team plans to replicate their previous success and grow the customer base in these sectors, and also develop a new presence in Financial Services.
Incremental has ambitious plans to grow revenues beyond £20m organically and through a strategic buy-and-build strategy. Up to 140 new jobs are planned to be created in delivering the forecast growth.
"We have been very impressed by the incoming Incremental management team, who are extremely well-regarded and known within the IT services sector and bring a wealth of experience and an excellent track record of previous success with a private equity backed business. Incremental is well placed to expand both organically and through acquisition, and we're delighted to be backing this team and its growth strategy."
Julie Glenny, Investment Director at Maven
“Digital technology continues to evolve at a rapid rate. We created Incremental Group to support organisations by working with them over the long term to deliver digital solutions that enable businesses to do more. We are delighted to complete our first acquisition. First eBusiness has a well-deserved reputation for technical excellence and solid basis for future growth. We welcome Maven as our new investors. Their team have considerable experience and expertise across the tech space with a number of successful investments under their belts and we look forward to their input in helping to grow our business.”
Incremental Group CEO and co-founder, Neil Logan