ECI announces sale of Content+Cloud for return of 4.1x

We’re delighted to announce that Content+Cloud has reached an agreement to become part of Advania, a leading IT-provider in the Nordics with operations in Sweden, Iceland, Norway, Denmark and Finland, generating a return of 4.1x and an IRR of 32.1%. The transaction will close during December 2021. 

Content+Cloud is a leading technology services business, digital transformation partner and Managed Services Provider (MSP). It is a Microsoft partner in the UK, operating across all 3 Microsoft clouds, including Modern Workplace, Azure and Dynamics, Content+Cloud helps clients transform the way they operate, optimise the way their people work, and provides flexible and secure platforms on which to operate.

ECI invested in Content+Cloud, then called IT Lab, in 2016, backing the CEO, Peter Sweetbaum, and his vision for the business: to become a leading Microsoft partner helping companies to grasp all that technology can offer. Since then, ECI has supported the business to deliver on strategic acquisitions that deepened the business’ proposition in cyber, public cloud and Microsoft application capabilities. With 16 Microsoft gold certifications and 6 Advanced Specialisations, Content+Cloud is the only UK partner to have Advanced Specialisations in Intelligent Cloud (Azure), Modern Workplace and Security, and Business Applications.

The business has invested to create an integrated and scalable platform, that in 2020 unified under one group brand, Content+Cloud. Growing from c. 300 people in 2016 to now employing c. 800 people across its offices in London, Manchester, Milton Keynes, Reading, Cardiff and Cape Town, South Africa.

“Over the last five years we have grown organically and acquired key businesses within the Microsoft ecosystem, creating a scalable platform from which we can continue to build. ECI has been immensely supportive in backing the management team’s vision, and hugely valuable in helping us to acquire market leading capabilities and combine the components of the group into a fully unified offering to clients. We are incredibly excited by the vision, scale and complementary fit of the Advania group together with C+C. I would like to take this opportunity to thank ECI for their support and partnership during this journey.”

Peter Sweetbaum 

CEO, Content+Cloud

“When we invested in 2016, we were backing Peter’s vision to create a leading Microsoft Partner in the UK. It has been fantastic to be part of that journey and see how the business has been transformed, combining management’s vision and expertise with our investment and support. The cloud and digital services market is hugely exciting, with long-term growth drivers, and I have no doubt that Content+Cloud has an outstanding future ahead with Advania. I’d like to thank Peter, Geoff, Andy and Allan and the rest of the C+C team for their tireless efforts in helping to deliver such a successful partnership.”

Tom Wrenn 

Managing Partner, ECI

This is ECI’s second exit in the cloud and digital services sector this year, having realised Edenhouse to Accenture in February. 

“It has been a pleasure to work with Peter and the wider team to help them deliver strategic acquisitions during our investment, transforming the business and allowing it to offer market-leading expertise to its clients across disciplines and Microsoft’s three-cloud ecosystem. I wish the team every success for the future, as they continue to take advantage of the fantastic growth in demand for technology services and digital transformation.”

Daniel Bailey 

Investment Director, ECI

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