Ekco welcomes new investor in Corten Capital
NEWS RELEASE SUNDAY 9 OCTOBER 2022
Ekco welcomes new investor in Corten Capital
Managed cloud and cybersecurity provider to continue its growth with enlarged capital support from B2B technology focused investor.
Ekco, a leading founder-led European cloud and cybersecurity provider based in Dublin, has secured the backing of Corten Capital, a London-based fund that invests in entrepreneur-led B2B technology platforms. Upon completion of the transaction, Corten will become Ekco’s majority shareholder and will support Ekco as it continues its growth into a leading European security-led cloud service provider, with operations across the United Kingdom, Ireland and the Netherlands. The financial terms of the transaction were not disclosed.
Ekco’s co-founders, Eoin Blacklock and Jonathan Crowe, and its senior management team will continue to lead the business and remain significant shareholders.
Commenting on the announcement, Eoin Blacklock, CEO of Ekco said: “As technology continues to evolve at a rapid pace, it becomes increasingly necessary for companies to have one cybersecurity and cloud provider that can meet all of their technology needs, rather than having to work with multiple providers. Companies should have a trusted partner that has a comprehensive service offering and the best tech talent.”
“Corten’s capital and strategic backing will enable us to continue to grow our range of services and our expert team so we can anticipate and provide what our customers need. We aim to continue our growth trajectory both organically and with strategic acquisitions. We will continue to focus on hiring the best talent, who will be able to provide highly focused, local services to each of our customers. We are excited for this next phase of Ekco’s journey with Corten, which will benefit our customers and our people,” added Jonathan Crowe, COO of Ekco.
In the past 18 months Ekco has made a strategic play into the cybersecurity space via the acquisitions of pure play security service providers Ward Solutions, Kontex and Caveo Systems. In addition, it recently acquired Unity Technology Solutions, a cloud and security service provider.
Ekco’s customer-centric DNA and ethos of exceptional and local service has always been one of its key differentiators, complemented by its deep technical expertise. It is these qualities that Ekco has sought in its acquisitions, as it has strengthened and widened its service portfolio over the past six years.
Joseph Schull of Corten Capital said “We are delighted to partner with Eoin and Jonathan and their very talented team to continue growing Ekco as one of Europe’s leading managed cloud and cybersecurity providers. Their ambition to build a great platform company that stands the test of time based upon on the breadth and quality of its service offerings aligns perfectly with Corten’s investment strategy and approach.”
John Flynn, Managing Director of Act Venture Capital, and early investor into Ekco, commented that “Ekco has been immensely successful in building a significant business in a short timeframe under the leadership of Eoin and Jonathan. The founders have hugely ambitious plans for Ekco and the current investors welcome Corten as lead investor to bolster our next phase of growth”.
Founded in 2016 by Eoin Blacklock and Jonathan Crowe as a cloud back-up and disaster recovery business, Ekco has scaled rapidly across Ireland, the UK and the Netherlands through an ambitious buy-and-build programme. It now manages its customers’ end-to-end IT infrastructure and cybersecurity needs with a team of highly skilled engineers and technology professionals with a broad range of expertise.
Established in 2019, Corten Capital has a unique approach to private equity, seeking to back and partner with a limited number of B2B software and services platforms and to support entrepreneurial teams to accelerate their vision and deliver sustainable growth with a long-term perspective. Corten’s investment will support Ekco to continue building out its best-in-class cloud and cybersecurity capabilities and to deliver exceptional personalised service to its customers.
Debt financing for the transaction will be provided by Ares. Corten was advised by A&L Goodbody (legal), PWC (financial and tax), DC Advisory (debt advisory), Alvarez and Marsal (technology), and Altman Solon (commercial) as well as MOCO Financial Solutions and Cormac Whelan. Ekco was advised by IBI, Dentons, Deloitte and CIL.
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For media enquiries, please contact Ronan O’Connor, Marketing Director at Ekco.
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