Dunedin invests in digital tech specialist
Private equity investor Dunedin has backed Incremental Group, a digital technology services company, with an undisclosed investment.
Incremental was formed after the acquisitions of First eBusiness Solutions in November 2016 and GAP Consulting in June 2018, and employs a headcount of 125 across five UK offices.
This is the second tech investment in five months for Dunedin, which will work with the existing management team to strengthen the business through organic growth and acquisitions.
Incremental operates from offices in Glasgow, London, Manchester, Inverurie and Northwich and works with clients including Total, Aggreko Shelter, Scottish Leather Group and Aberdeen City Council.
The business helps its clients to design, implement and manage their IT infrastructure needs which include ERP, CRM, cyber security and digital applications.
"We have got to know the Dunedin team well in recent years and felt that their experience in growing businesses with technological expertise will be very beneficial to us," said CEO Neil Logan.
"They also bring additional funding capability which will enable us to execute a number of acquisitions.
"Ultimately this will mean that we can expand and deepen the range of services that we offer our clients across the UK. We are grateful for the support that Maven Capital and the Scottish Investment Bank have given us since our launch in December 2016 and we look forward to working with Dunedin to secure our position as a market leading IT services provider."
The deal was led by Dunedin partner Simon Rowan, who said the investment "aligns closely" with the firm's strategy to support businesses with a technological edge that have the ability to develop strong positions in their space.
He added: "Incremental has performed exceptionally well and with further funding and our support behind it, is well placed to capitalise on the compelling opportunities for growth.
"The IT services market is one of the fastest growing technology segments and we look forward to working with the team as they reinforce their position as market leaders in this space."
Dickson Minto, Burness Paull, EY, Armstrong and BDO all worked as advisers on the transaction.