October 2, 2015
Stephen Georgiadis, Declan O’Connor, Octavia Wayne
GCA Altium advises C24 on its sale to Six Degrees Group
GCA Altium acted as financial advisor to the shareholders of C24, a UK-based IT managed hosting and application delivery provider, on its sale to Six Degrees, the converged technology infrastructure provider focused on midmarket enterprises.
C24 provides Hosting and Managed Services, IT Products, Packaged Software and Storage as a Service to medium-sized enterprises in the UK. Founded in 2009, C24 has grown rapidly and has developed a strong recurring revenue model across a broad customer base. Following the sale, C24 can now offer a wider range of services including unified comms and real-time collaboration to its customers as well as cross-selling its own services to the Six Degrees customer base.
Stephen Georgiadis, Managing Director at GCA Altium, said: “We were pleased to have helped C24’s shareholders achieve a successful exit as well as ensuring a strong and promising future for the Company as part of the Six Degrees Group. C24’s customers will be able to benefit from increased scale, financial stability and a portfolio of in-house delivered technology services that will enhance its managed services capability.”
Matt Foy, Finance Director of C24, said: “I cannot speak highly enough of GCA Altium. They took the time to explain all of our options and truly understand our business during which they demonstrated clear sector expertise and an extensive contact base. They then ran a highly professional process and provided good advice throughout, as well as being a pleasure to deal with.”
This latest transaction sees GCA Altium build on its leading position in European technology advisory, having completed 13 transactions in the last 12 months. Other recent deals include securing growth investment from Lyceum Capital for TotalMobile, the sale of a 25% minority stake in SoftwareONE to KKR and the acquisition of KCS.net by Avanade (a joint venture between Accenture and Microsoft).