Alantra has advised Ancoris on its investment from Beech Tree Private Equity



Aug 2021
Sell-side advisory

Alantra, the independent global mid-market investment bank, has advised Ancoris, the pure-play Google Cloud expert, on its investment from Beech Tree Private Equity (‘Beech Tree’ or ‘BTPE’).

Ancoris, founded by entrepreneur David McLeman, is a cloud-native Google services provider and one of very few UK-based pure-play Google Premier Partners​. It offers a full suite of services across Google Cloud and provides tailored solutions based on clients’ project size and complexity. Clients include Rentokil, Lush, Sigma Sports, and Conde Nast.

Ancoris has leading expertise in Google Workspace, Maps, and Chrome and has more recently expanded its service offering in data and AI, cloud migration and application development, which are all rapidly scaling​. The business has also developed valuable IP, which helps its customers accelerate their cloud adoption journey, and in turn realise value faster. Most recently, the company began packaging some of its solutions in the form of “Labs”, which are aimed at addressing specific challenges of C-level executives.

The transaction will enable Ancoris to further invest into sales and marketing, whilst also responding to heightened customer demand for its skills and capabilities both organically and through the exploration of M&A opportunities to build out specific incremental capabilities.

The investment in Ancoris demonstrates the Alantra Technology team’s strong track record of advising leading players within the public cloud and IT services space. Recent transactions include having advised Livingbridge and Ten10 on the sale of the business to Graphite Capital, ECS on its international sale to GlobalLogic, and the shareholders of Giacom on the sale of the business to Digital Wholesale Solutions.

The Alantra deal team comprised James Chapman-Andrews, Simon Roberts, Dave Bellis and Will Fenby.

James Chapman-Andrews, Partner and UK Head of Technology at Alantra, commented: “Ancoris has achieved significant growth as businesses increasingly seek support with digital transformation and cloud migration. Its strong management team and breadth of service offering across the Google stack have made it a fantastic and exciting client. Beech Tree have extensive experience in scaling businesses within the public cloud space and we have no doubt that with their support, Ancoris will continue to capitalise on Google’s innovative platform in this rapidly evolving market.”

Paul Franks, Managing Partner of Beech Tree Private Equity, said: “To succeed in an increasingly fast moving market, companies must modernise the technology that underpins their business, and use data to improve their decision making process. Google Cloud is leading the way in data and modern infrastructure. Ancoris’ expertise, strong management team and depth of talent builds a winning combination which provides customers with tremendous business value. We were especially impressed with their 83% NPS score during our customer research, which further validated Ancoris as the right partner for us and our investors. The strong relationships they have with their customers is a testament to how Ancoris provides solutions and outcomes that really add value and change the way businesses operate.”

David McLeman, CEO of Ancoris, said: “We are extremely pleased to have found the right partner in BTPE, they have significant knowledge of our sector and scaling businesses like Ancoris. We have experienced strong growth in the last few years and this investment will allow us to respond to customer demands even quicker. From the beginning, we felt a strong cultural alignment and, being a people business, that’s incredibly important to us.”

Andre Azevedo, COO at Ancoris, added: “At Ancoris we believe that innovation is only important when it delivers value, and quickly. We encourage our customers to think big, but to start now. We want to build the most innovative Google Cloud partner, and to do so, we need to build on our incredible team with even more great talent. And that’s what we will accelerate with this partnership with BTPE.”

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