MBM Commercial are delighted to have assisted London based cloud platform provider, ThinkGrid Limited and its shareholders (“ThinkGrid”) with its recent sale to telecoms company, Colt Technology Services (“Colt”) for an undisclosed sum.
ThinkGrid enables channel partners to become successful cloud providers in their own right by offering them a comprehensive portfolio of cloud-based services with a turn-key management platform and the commercial and technical training required to grow their cloud business. The acquisition increases Colt’s strength in cloud-based services for the indirect channel and adds approximately 200 resellers and ISV’s to its partner community in the UK. Colt’s channel partners will benefit from ThinkGrid’s advanced capabilities of auto-provisioning and fully flexible billing. ThinkGrid’s comprehensive training programme to facilitate the development of resellers’ cloud capabilities will be rolled out to Colt’s indirect sales team and channel partners. This move makes the information delivery platform real for Colt’s indirect channel, with a comprehensive range of cloud-based services guaranteed by Colt’s SLAs to provide a best-in-class partner experience.
François Eloy, Executive Vice President at Colt, commenting on the deal and the value ThinkGrid brings to Colt’s business, said: “The SME market for managed services is set to grow at 15% annually during the coming years. Colt is well positioned to penetrate this market through our indirect channels. The acquisition of ThinkGrid further strengthens our position with the addition of a complementary range of cloud-based services. We also gain a reseller-oriented management platform and portal which will reduce our time to market across our European markets. This acquisition allows us to extend our channel community to include skilled managed services resellers who will help us to accelerate our growth.”
Rob Lovell, CEO of ThinkGrid, commenting on the deal said: “Becoming part of Colt Technology Services supports ThinkGrid’s vision to become the world’s leading cloud services enablement platform, offering great product and market development opportunities. ThinkGrid will gain access to Colt’s 20 state-of-the-art data centre facilities, extended research and development and support resources as well as an opportunity to expand into 22 European countries. Particular thanks are also due to Stuart Hendry and his team at MBM Commercial for assisting ThinkGrid with the deal. It was essential to get the very best legal advice on such an important sale transaction. We got that from MBM. MBM repeatedly burnt the midnight oil for us at crucial moments, found solutions when we needed them, helped us negotiate the deal, whilst making sure that the ultimate goal of the finish line was not lost sight of during boardroom negotiations. Their sector skill and expertise was a key component in getting the deal over the finish line and I am delighted that all parties were pleased with the result.”
Stuart Hendry, partner in MBM Commercial LLP, said: “We are delighted to have assisted ThinkGrid and its shareholders with its sale to Colt. This is an exciting time for both companies and we wish them well. It was a team effort by all parties to get the deal successfully completed in a short timeframe. Over the past three years we have helped several of our fast growing and investor backed technology clients achieve their goal of selling into large corporate trade players or to equity houses as part of ‘buy and build’ strategies, often as part of an international deal. The cloud computing and technology space is very active and generally bucking the gloomy economic climate. We expect several more of our high growth clients who operate in this fast moving field to be sold in the near future and this remains an important area that we specialize in.”