ECI plugs into IT Lab

01/01/2016
Read Time: 2 Min

ITLAB logo

ECI has invested in IT Lab to support the company’s position as a market-leading business and help finance its next phase of growth.

IT Lab is ranked within the top five European and top 50 global managed services suppliers and operates out of offices in London, Manchester and Cape Town. The award-winning company is a provider of IT managed and technology related services to SME and mid-market companies operating in 12 sectors across the UK and, via its global partners, 13 countries across the world.

IT Lab provides a wide range of services to its 860 corporate customers, helping them utilise and leverage technology to achieve their business objectives. The company provides a range of services including IT support, cloud services, ERP software implementation, technology transformation and change projects, strategic consulting and data analytics.

The market in which IT Lab operates is forecast to grow 8% per annum between 2015-2018, as companies continue to leverage value added relationships with their key technology and outsourcing partners, relying on them for core technology services and capabilities, but also strategic guidance in a rapidly changing technology landscape.

IT Lab is benefitting from these growth drivers. Revenues have increased 49% CAGR between 2013-2015 and EBITDA has risen 87% CAGR over the same period. 

The growth outlook for the Company remains strong due to low levels of customer concentration, low levels of churn, as well as a broad base of clients across different sectors including professional and financial services, public services (including housing associations), Not-for Profit, sports and stadia and manufacturing.

IT Lab has a strong management team led by Peter Sweetbaum. Peter was most recently a Senior Technology Adviser in the Cabinet Office driving the UK Government’s transformational technology strategy.

With a work force of 325 employees, IT Lab is recognised for its positive working culture, having featured multiple years in the Sunday Times 100 Best Companies to Work For.

ECI specialises in backing high-growth companies and has a successful track record partnering with businesses in the TMT B2B space, with other recent and current investments including Citation, XLN, Fourth, Wireless Logic, CarTrawler, Avantia, ATG Media, Imagesound and Investis.

ECI’s investment will help IT Lab to continue to grow organically, build its portfolio of services and continue its successful M&A strategy.

“IT Lab is a fast-growing IT services provider focused on the mid and SME markets. Businesses are increasingly outsourcing IT services to cut costs, and boost productivity and systems resilience. We believe IT Lab is very well positioned for further growth, and we look forward to working with Peter and his team to help them realize their full potential.”

Tom Wrenn 

Partner at ECI

“We provide vital IT services to SME and mid-market companies that are the backbone of the UK economy. We are totally focused on helping our clients achieve their business objectives, leveraging technology to operate more effectively, more flexibly and more competitively and supporting them as they grow. IT Lab is in a very exciting growth phase with tremendous potential to expand our capability and reach.

We are very excited about partnering with ECI as we embark on the next stage of our journey.”

Peter Sweetbaum

CEO of IT Lab