A FinTech specialist headquartered in Bangor has finalised the acquisition of the managed services division of a Hampshire-based cloud company.
The strategic move allows the Bangor-based firm to significantly expand its service offerings, benefitting both existing and prospective clients.
Strategic Acquisition Enhances Service Range
The acquisition was completed by a prominent FinTech company, which has chosen to invest in the managed services business of VTG Cloud. This seven-figure deal includes the assets and contracts tied to VTG Cloud’s managed services, positioning the Bangor firm to offer a wider array of services to their clientele.
VTG Cloud will continue its other operations independently, while the Bangor firm integrates the newly acquired managed services. This expansion will facilitate the introduction of new services, such as ‘Platform as a Service’, ‘Infrastructure as a Service’, ‘Disaster Recovery as a Service’, and ‘Backup as a Service’.
Expanding Technological Footprint
Employing nearly 60 people, the Bangor-based company is renowned for its suite of software solutions for the financial sector.
Their loan management platform, Sentinel, is utilised by over 200 customers. Additionally, their Journeyman product is favoured by more than 100 home credit providers.
Long-standing Partnership
The relationship between the Bangor firm and VTG Cloud spans over eight years, with the latter providing managed services for the former’s SaaS-related operations.
This deep-rooted partnership made the acquisition a logical step, aligning perfectly with the Bangor firm’s strategic goals.
CEO’s Perspective
According to the CEO, Mike O’Sullivan, the acquisition was a natural progression. ‘*When the opportunity came up to acquire that side of the business, it was a natural fit for us and our future strategy*,’ he remarked.
O’Sullivan further mentioned that this move would allow them to offer improved services around systems and infrastructure, reinforcing their position in the FinTech space.
Client Assurance and Future Prospects
The Bangor firm’s established presence in the FinTech industry provides clients with the assurance of collaborating with specialists who understand the regulatory landscape.
The CEO expressed enthusiasm about rolling out the expanded suite of services to both existing and new clients.
Market Position and Future Strategies
With the acquisition, the Bangor firm solidifies its position in the UK FinTech sector. This strategic expansion is anticipated to yield substantial growth and enhanced service delivery.
By integrating VTG Cloud’s managed services, the firm aims to capture new market segments and offer comprehensive solutions to a broader customer base.
Final Thoughts
This acquisition marks a significant milestone for the Bangor-based FinTech specialist.
The company is poised for growth, with new service offerings expected to attract a diverse range of clients.
The Bangor FinTech specialist’s acquisition of VTG Cloud’s managed services business is a strategic manoeuvre to broaden its technological capabilities.
This move is expected to drive growth and provide enhanced services to both existing and prospective clients.