London-based Adapt provides enterprise-class cloud hosting, infrastructure management, network and data center services to a wide range of mid-market clients that operate IT applications, including LOVEFiLM and Last.fm.
The market for Adapt’s services is growing rapidly, as the managed hosting and cloud services sector is expected to grow at a rate of about 15 percent over the next five years.
Lyceum Capital’s strategic support and funding will help Adapt’s management implement an expansion strategy focused on organic and acquisitive growth.
Through further penetration of the company’s existing client base and development of channel partner relationships, the company said it aims to become the “leading IaaS business to UK SMEs and mid-sized corporates.”
Adapt hopes the acquisiton will also scale and broaden its managed services and cloud-based services, as well as allowing the company to expand its services across the UK.
“As a result of this deal, we are in a strong position to continue to capitalise on the increasing propensity of organisations to outsource their IT infrastructure through an organic and acquisitive expansion strategy,” said Simon Fisk, Adapt’s sales director.
This transaction follows Lyceum’s $78.4 million investment in SaaS-based accounting and ERP software and services business Access, which it completed in March.