Apse takes majority stake in Ultima

Financial details of the transaction remain undisclosed, though Apse targets B2B technology and tech-enabled companies with enterprise values of €50-200m. Ultima generated EBITDA of £3.1m from a turnover of £110.3m in the year ending in March 2018, according to publicly available documents.

Ultima founder Max McNeill will retain a minority stake in the business as part of the deal. According to additional documents, Apse managing partner Tim Green and partner Vikram Krishna have taken seats on the company's board of directors.

Apse was recently established by the core team of GMT Communications Partners and closed an initial fund for an undisclosed amount. It aims to complete a larger fundraise in the next year.

Company
Founded in 1990, Reading-headquartered Ultima is an IT consultancy. It provides services including cloud-based management and application architecture; storage, back-up and disaster recovery; data centre optimisation; virtual workplaces; digital transformation; and GDPR compliance.

People
Apse Capital – Tim Green (managing partner); Vikram Krishna (partner).
Ultima Business Solutions – Max McNeill (founder).

Advisers
Equity – Kemp Little, Charles Claisse, Adam Kuan, John Alder, Hannah Cordwell (legal).

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