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OakNorth provides facility for cloud platform provider acquisition

Sam Monk | 13:28 Monday 17th June 2019

OakNorth has provided a loan to managed service and cloud platform provider Oncore IT for the acquisition of Fuse Technologies.

Fuse Technologies is a London-based provider of unified communications tools.

The acquisition will allow Oncore IT to manage the support of Fuse Technologies’ 10,000 users, which mainly span financial, construction and professional services.

Oncore IT was acquired by US-headquartered managed service and cloud solution provider Ergos in 2016.

“[OakNorth was] willing to take the time to understand our business model and vision for the future,” said Michael Croft, CEO at Oncore IT.

“We wanted to work with a finance provider which could provide us with the required capital we needed for the acquisition quickly so that we could get back to running our business.”

Matt Leahy, director of debt finance at OakNorth (pictured above), added: “Ergos and its subsidiaries’ growth to date has been impressive, so we were delighted to have the opportunity to become [its] first funding partner in the UK and look forward to further supporting [its] acquisitive strategy going forward.”

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