OakNorth Bank has provided a loan to Oncore IT, a managed service and cloud platform provider, for the acquisition of another company.
The finance has been used for the acquisition of Fuse Technologies, a London-based provider of online unified communications tools.
The acquisition sees Oncore IT manage the support of Fuse Technologies’ 10,000 users that span a variety of industries, primarily financial services, construction, and professional services.
The acquisition follows Oncore IT itself 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.
With data centres in London and Amsterdam, Oncore IT has an extensive client base, ranging from global multinationals to SMEs.
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. OakNorth was therefore the obvious partner.”
Matt Leahy, director, debt finance at OakNorth, said: “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.”