Pelican exits Atech.cloud for 3.2x return and 56% IRR
Today, Atech, a leading provider of Microsoft cloud and cyber solutions, has announced that it has been acquired by iomart, a cloud computing
and IT managed service company, for an enterprise value of £57 million.
Pelican Capital invested in Atech in 2022 and since then the business has grown substantially, developing best-in-class cloud solutions and
completing four acquisitions. The exit generates a gross return of 3.2 times money and 56% IRR for Pelican Capital.
Atech was founded in 2009 and specialises in cloud solutions, providing a range of services including cloud migration, managed services, and
cybersecurity. Atech has become one of the most highly accredited Microsoft partners in the UK and now holds 11 advanced Microsoft
specialisations and is one of only 15 Managed Partners for Modern Work and Security. Additionally, Atech is a member of the Microsoft
Intelligent Security Association (MISA) and has achieved Partner Cyber Security Investment status, making it a trusted partner for delivering
comprehensive and secure cloud solutions.
iomart is a leading provider of cloud computing services, working with thousands of businesses across the UK. Its services include cloud hosting,
managed services, and data protection.
Ryan Langley, CEO of Atech, said: “I’d like to thank Pelican Capital for their support since their investment in February 2022, which has been
pivotal in enabling Atech to achieve significant milestones, including four strategic bolt-on acquisitions enhancing the company’s capabilities
and market position.”
Anthony Francis, Partner at Pelican Capital, added: “We would like to thank Ryan and the team for their exceptional delivery. Since our
investment in 2022, the company has gone from strength to strength. Now, with iomart’s network and scale, this is a very exciting time for the
business.”
The shareholders were advised by Cavendish (corporate finance), Ben Walmsley at Peregrine Law (legal) and Claritas Tax (tax). Pelican Capital
was advised by Stephenson Harwood (legal).
About Pelican Capital
Pelican Capital provides funding to companies with management teams needing up to £30m of equity funding to accelerate growth and, where
required, facilitate ownership change. With a strong focus on software and technology sectors, Pelican Capital has successfully executed its
third exit from its third investment, demonstrating its hands-on, exit-driven approach and accelerated hold periods. By aligning flexible capital
to the ambitions of its portfolio companies, Pelican ensures that management teams are supported from the first meeting through to exit. The
partners at Pelican invest a substantial amount of their own capital in each investment, creating a strong alignment amongst all parties.
Exit date: Oct 2024
