Hello Rainmakers,
There is nothing quite like a private equity-backed technology business with an acquisition habit.
For Birmingham-based TXP, the shopping list is already taking shape.
Just over a year after being created through the merger of IT resourcing firm Concept and digital services business Jumar, the business has grown its workforce, bought an AWS specialist, expanded its technology offering, opened new offices and landed a £1.5m contract with the Medicines and Healthcare products Regulatory Agency.
And it is not finished yet.
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On the face of it TXP is pursuing a classic buy-and-build strategy - but with a slightly more technical shopping list.
The aim is not simply to collect businesses and add their headcounts to the spreadsheet. Instead, backed by private equity firm Aliter Capital, TXP is looking for companies that bring capabilities it can bolt into the wider group, particularly across cloud, data and AI, legacy modernisation and software development.
Chief executive John Antunes is now actively looking for another target in the data and AI space.
“We’re now actively seeking a data and AI business to acquire and bring into the group. Essentially, partly to cope with demand because we’ve got a high demand for that, but also to help us scale out that capability.”
That puts TXP firmly in the world of private equity-backed consolidation, where the theory is relatively simple: buy complementary businesses, combine their capabilities, cross-sell into their customer bases and keep the growth engine running.
The reality, of course, involves rather more spreadsheets, integration meetings and cups of coffee.
