Leading cloud platform provider acquires Fuse Technologies
A leading managed service and cloud platform provider has acquired a London-based provider of unified communications tools.
Founded in 2004, Oncore IT specialises in the delivery of business critical systems and IT infrastructures from secure, resilient data centres in London and Amsterdam.
The acquisition will see Oncore IT manage the support of Fuse Technologies’ 10,000 users spanning a variety of industries, primarily financial services, construction and professional services.
The acquisition follows Oncore IT themselves being acquired by US-headquartered managed service and cloud solution provider, Ergos, in 2016, and enables it to match the unified communications capability of Ergos in the US, in the UK.
The firm was provided with a loan for the acquisition by OakNorth, the bank for entrepreneurs, by entrepreneurs.
Michael Croft, chief executive officer at Oncore IT, said: “At Oncore IT, we have established a market-leading reputation by offering first class strategy, delivery and support and I am delighted to incorporate the unified communications expertise of Fuse Technologies to strengthen our UK portfolio.
“The acquisition was made possible following the support from the team at OakNorth. They were willing to take the time to understand our business model and vision for the future. We wanted to work with a finance provider who could provide us with the required capital we needed for the acquisition quickly so that we could get back to running our business.”
Matt Leahy, director of Debt Finance at OakNorth, added: “Ergos and its subsidiaries’ growth to date has been impressive, so we were delighted to have the opportunity to become their first funding partner in the UK and look forward to further supporting their acquisitive strategy going forward.”
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