BGF-backed TIG bolts on ThirdSpace

The acquisition is intended to allow the new group to provide a comprehensive software portfolio for clients, comprising cloud, identity and managed security services. The combined companies will have a headcount of 210 employees, according to a statement.

Neil Coughlan, CEO of ThirdSpace, will join TIG's board as chief strategy officer, alongside sales director Nick Lamidey who will take the role of chief sales officer.

The deal has been facilitated by £8m in follow-on funding from BGF, the GP said in a statement, as well as debt funding from Santander Growth Capital.

Previous funding
In 2018, BGF invested £6m in TIG for a minority stake, with the intention of supporting the company's organic growth, as well as its growth via acquisitions. At the time of the announcement, TIG also announced its acquisition of market peer ReConsult.

Company
Founded in 2002 and headquartered in Oxford, ThirdSpace provides Microsoft-based identity management and cybersecurity software. According to its website, its client base includes higher education institutions and insurance companies, as well as public organisations such as Thames Valley Police and the Department for Work & Pensions. The company employs 105 staff, according to LinkedIn.

People
TIG – Des Lekerman (CEO).
ThirdSpace – Neil Coughlan (CEO); Nick Lamidey (sales director).
BGF – Mark Nunny, Nathan Heath (investors).
Santander Growth Capital – Tavia Sparks (director).

Advisers
BGF – Shoosmiths, Sanjeev Sharma, Aleks Bosch, Fiona Cameron (legal).
TIG – Foot Anstey, Adam McKenna, Katie-Jane Rees (legal); DSW, Jonathan Steed (financial due diligence).
ThirdSpace – Moore Barlow, Peter Jeffery (legal); Quantuma, Mark Lucas (corporate finance).
Santander Growth Capital – Gowling WLG, Navin Prabhakar (legal).

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• Topics
• Expansion
• UK / Ireland
• Technology
• Build-up
• Acquisition finance
• United Kingdom
• BGF (Business Growth Fund)
• Santander