Connection Capital-backed Mode Solutions, a leading provider of turnkey digital managed services, today announces the transformational acquisition of Cambridgeshire-based IT Managed Services provider, eacs.
The move enables UK businesses of all sizes to easily access an extensive range of digital transformation services and solutions from a single, award-winning source. The enlarged business, supported by a debt refinancing through BlackRock with additional acquisition funds available from both BlackRock and Connection Capital, will offer UK businesses a trifecta of services covering Managed IT, Communications and Document Management.
Established in 1995, Mode Solutions began as an innovative provider of Document Management Solutions, diversifying in December 2019 through the acquisition of Nix Communications to incorporate Unified Communications and network services. With this acquisition, Mode significantly and strategically expands its capability into IT Managed Services as well as expanding its geographic reach and scale to more than twice existing revenues.
Award winning eacs delivers a comprehensive portfolio of Managed IT services and solutions to a range of high-quality customers including The University of Cambridge, Development Bank of Wales, and Kwik-Fit, to name a few.
As an approved supplier on the G-Cloud Digital Marketplace and NHS Shared Business Services, it also provides access to public sector procurement frameworks for cloud services. eacs’ accreditations include multiple Microsoft Gold competencies, Cyber Essentials Plus, Apple services, a 24/7 Network Operations Centre and Security Operations Centre, as well as a number of ISO certifications.
Their philosophy of providing excellence in Managed Services is fully aligned with Mode’s long-standing principles and foundation of delivering exceptional customer service. This combination of services is a powerful platform for accelerating growth in the medium term, with the newly combined organisation having plans to rebrand in the coming weeks.
Alex Tupman, CEO commented, “An acquisition of this size and quality further demonstrates our growth ambitions and evolution from our heritage, as well as delivering on our strategic objectives to offer a full trifecta of digital services to UK businesses from a single source with a reputation for providing an outstanding customer experience.”
Mode now boasts 3 UK sites, a combined headcount of over 200, and a core customer base of almost 3,000.
Mark Snaith, Investment Director at Connection Capital comments, “Mode has transformed significantly since Connection Capital’s initial investment in 2018 and its latest acquisition is a significant statement of intent as it executes on its buy and build strategy. Connection Capital focuses heavily on adding value to the businesses it chooses to partner with and it has been a pleasure supporting Alex and the team on what is arguably Mode’s most transformational transaction to date. The acquisition of EACS cements Mode’s status as a platform, poised to capitalise on a multitude of attractive growth opportunities.”
Kevin Timms, Chairman and CEO of eacs said, “With companies choosing to accelerate IT outsourcing and digital transformation programmes in the wake of COVID-19, a true single source supplier with exceptional service delivery will enhance customer experience. We believe Mode will provide the right environment for our customers and staff, particularly given the shared ethos of excellence in customer service.”
About Connection Capital
Connection Capital LLP is a Financial Conduct Authority authorised and regulated, specialist syndicator of investment funds from private professional investors into direct private equity, private debt and commercial property deals, as well as alternative asset funds. It currently has over £400 million of funds under management across a diverse portfolio.
Connection Capital provides a specialist managed service to help professional clients build up their own alternative asset portfolios. Private investors self-select which opportunities they want to take a stake in. Opportunities are identified and negotiated by Connection Capital, which also carries out all due diligence and manages the investment from completion through to exit, on its clients’ behalf.
