Apiary-backed Conn3ct acquires ICR

The firm supported the acquisition with fresh equity. It is currently investing from Apiary Capital Partners I, which closed on £200m in July 2018.

Conn3ct was created with the merger of G3 Comms, which Apiary acquired in March 2019, and Connect Managed Services, which the firm acquired from LDC in July 2019.

This is the company’s first bolt-on since the merger.

Apiary partner Nicki Boyd told Unquote the company is continuing to seek bolt-ons.

ICR was acquired for its intellectual property, according to a statement.

Company
ICR Speech Solutions & Services is a speech application development company specialised in interactive voice response (IVR) and speech bot technology. Founded in 2003, the company is based in Bradford, employs 14 people and generates fewer than £5m in revenue, according to Boyd.

People
Apiary Capital – Nicki Boyd (partner).
Conn3ct - Alex Tupman (CEO).

Advisers
Acquirer – HMT (financial due diligence); Shoosmiths (legal).

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• Topics
• Expansion
• UK / Ireland
• Technology
• United Kingdom
• Buy-and-build
• Build-up
• Apiary Capital