Background

Based in the heart of London’s legal district, Sprout IT is a specialist cloud and managed IT provider to the legal sector, providing critical services and strategic advice. The company was launched in 2006 with the aim of providing a customer-centric proposition delivering high service levels, and after 15 years of operating decided to engage our Corporate Finance team to advise on the sale of the business.

Action

Our Corporate Finance team were able to advise the shareholders on the successful sale of the company to CTS, an established specialist technology provider to the legal sector. CTS has a history of strong, organic growth and, following two recent acquisitions including Sprout IT, they are now the leading cloud and managed IT provider to the UK and Irish legal sectors, positioning them as the ideal buyer.

Outcome

The team secured a strong valuation and outcome for the client, closing the deal in 2.5 months from finalising the offer. The transaction was completed remotely throughout due to social distancing measures, and going forward the combined group will operate under the CTS brand and Sprout IT’s experienced management team will stay with the business to support future growth and integration.