“Rcapital buying the business was like a breath of fresh air. Free from the shackles of a struggling overseas parent, we were able to really crack on with fixing and growing the business. We did a full rebrand, relocated our head office operation and completely reorganised our operating platform in just a few short months. Their money and their business expertise were both vital in supporting this transformation.”
Former US-owned subsidiary Ciber UK was acquired by Rcapital in September 2017. Rcapital made significant financial and operational capital available to restructure the business and pursue growth plans.
Growth story
Following an intensive period of re-organisation and rebranding, this leading IT services and consulting specialist relaunched as Innervate Technology Solutions Limited in September 2017. Although the UK business had a strong reputation for technical expertise – and contracts with leading banks, blue-chip companies and top educational institutions – the business was at risk of failure when US parent Ciber Inc filed for Chapter 11 Bankruptcy.
Rcapital and the management team stabilised the business following separation from its insolvent parent; and streamlined operational and financial activities to make the business way more efficient and able to focus on what it is known and respected for. This included relocating the head office and completing a full review of the overhead base and significantly improving the utilisation performance.
Outcome
Rcapital’s involvement, including the appointment of a Chairman and CFO to support management, provided stability and acted as a real catalyst for change. In a very short period, the team transformed this business from a failing corporate orphan to a stable business with a solid platform to achieve long-term growth. It was sold to Brightbridge, a well respected and successful player in the technology space, within a year of the transformation.
