The Internet Group Ltd. acquired IT consultancy company netConsult Ltd. for an undisclosed sum.
The purchase was backed by a £6 million investment from private equity firm Business Growth Fund PLC. TIG, a managed service provider, will use the investment from BGF to support its organic growth and acquisition strategy, beginning with the acquisition of netConsult.
TIG said the acquisition of netConsult will help build its financial service offering, while netConsult will gain from TIG's capabilities in artificial intelligence, data analytics and machine learning, according to a Jan. 3 news release.
TIG's workforce will double to 90 staff.
NetConsult's management, including Co-founder and CEO Richard McDonald, will lead an expanded financial services team, according to BGF.