Pictet Alternative Advisors, the alternative investments arm of the Swiss Pictet Group, has recently announced the acquisition of Technology Services Group (TSG), a UK-based provider of IT services for small and medium-sized enterprises. This strategic move marks the second investment by Pictet AA’s direct private equity team, following its acquisition of Pareto FM in November 2023.
Under the leadership of Edmund Buckley, the team at Pictet AA directs its focus towards investing in high-quality businesses led by top entrepreneurs. Buckley expressed his excitement about partnering with Rory McKeand and the management team at TSG to assist them in achieving their growth objectives.
As a prominent player within the Microsoft ecosystem, TSG offers a wide range of IT solutions to aid companies in transitioning to cloud-based infrastructure. With seven Microsoft designations to its credit, TSG has established itself as a leading Microsoft Solutions Partner in the UK. Its services encompass various areas such as business applications, cybersecurity, and data & artificial intelligence, catering to a diverse clientele in various industries.
Andrzej Sokolowski, the Head of Private Equity in the UK at Pictet AA, highlighted TSG’s attractive business model, which includes a significant portion of recurring revenue and a client base that values expertise across the entire Microsoft suite. He also emphasized the potential for TSG’s organic growth as well as expansion through mergers and acquisitions.
In response to the acquisition, Rory McKeand, CEO of TSG, expressed his optimism about the growing demand for cloud services among SMEs and the collaboration with Pictet to accelerate the company’s growth. The acquisition saw the founding owners and the management team reinvesting part of the proceeds, showcasing their confidence in TSG’s future prospects.
David Stonehouse, one of the founding owners of TSG, conveyed his pride in the company’s achievements and extended best wishes to Rory, the management team, and Pictet for the future.
With this acquisition, Pictet Alternative Advisors has strengthened its position in the private equity landscape, further establishing its commitment to partnering with innovative businesses with substantial growth potential. As the collaboration between TSG and Pictet takes shape, it is evident that both parties are poised for a promising future in the ever-evolving technology sector.