CTI Group completes first takeover since securing £25m in LDC backing
Digital transformation business, CTI Group, has completed its first acquisition since securing a £25m investment from mid-market private equity firm LDC earlier this year.
The firm has swooped for fellow Manchester company, Silverchip, winner of Tech Company of the Year, App of the Year and Best Use of Technology in 2022, for an undisclosed sum.
CTI says Silverchip’s team of mobile experts will further enhance its ;full service offering; in providing leading edge mobile app competency to its current and future clients.
Led by CEO and founder Nick Rhind, CTI Group is a fast-growing, acquisitive, digital transformation group with a global footprint and international office expansion on the horizon.
Co-founded in 2010 by Liam Bateman and Jamie McMullan, Silverchip builds award-winning mobile apps and bespoke software solutions, counting England Squash, Nifty, Boundary Outlet, 87% and Suits Me among its client base.
Nick Rhind said: “This deal was all about acquiring great talent from the get-go and enabling CTI to become a significant player in the mobile space.
“We’re excited to bring a first class mobile offering to both our existing and new customers and to continue to invest and develop the group’s mobile capabilities.
“Our leadership teams share a passion for our customers and embracing future technologies. With the addition of Silverchip, we are on an accelerated path to achieve our goals for the group within the next three to five years.”
Silverchip’s Liam Bateman (CTO) and Jamie McMullan (managing director) said:“For us, Silverchip is more than just a business – It has been and remains a mission to create the best working environment for our people while delivering exceptional products for our clients.
“On meeting Nick and CTI’s senior team, we instantly recognised a joint vision for the growth and future of our teams along with an aligned company culture that puts people first.”
They added: “We are incredibly excited for the opportunities that joining the CTI Group will bring, not only for our employees, but also for our clients, who will be able to access the full range of group services whilst continuing to receive the technological excellence Silverchip are known for.”
Richard Ibbett, investment director at LDC in Manchester, said: “Since we backed Nick and the management team in March, we have been working together closely to make their acquisitive growth strategy a reality.
“It is brilliant to see them hit this important milestone so quickly with Silverchip, a business that will continue to really enhance the group’s market leading offering.”