Key Takeaways
- • Acora, a UK-based managed IT services provider, completed a minority investment round with Palatine Private Equity LLP in April 2020, securing capital to finance and accelerate the next growth phase under Palatine's "Accelerate" ownership model.
- • Acora achieved double-digit organic growth exceeding 20 percent in 2022, with revenues doubling to £60 million, demonstrating strong operational performance during the Palatine ownership period.
- • Following the Palatine investment, Acora executed three bolt-on acquisitions, including a transformational 2019 acquisition of London-based Plan-Net that deepened helpdesk service capabilities and expanded focus in Legal, Insurance, and Financial Services sectors.
- • Acora subsequently secured a minority investment from LDC, marking Palatine's exit from the business after building it into a higher-growth platform; the company posted £78.8 million in revenues for the 14-month period to December 31, 2023, representing an 80 percent pro-rata increase.
- • The business operates from three UK operations centres with 300+ skilled staff, delivering 24/7 managed IT infrastructure, cloud, and helpdesk services primarily to UK-headquartered global mid-market companies using an automated service management platform.
Summary
Acora, a managed IT services provider founded in 1986 as ADA Computer Systems Ltd, underwent strategic transformation beginning in 2006 when current CEO David Rabson led a management buyout to pivot toward repeatable managed services. The company completed a minority investment with Palatine Private Equity LLP in April 2020, securing growth capital and board-level support to accelerate expansion plans. This partnership positioned Acora to pursue an aggressive acquisition strategy and operational scaling under Palatine's "Accelerate" ownership model, which challenges portfolio companies to achieve demanding growth at elevated rates.
During its tenure under Palatine ownership, Acora demonstrated robust operational execution. The company achieved double-digit organic growth exceeding 20 percent in 2022, with revenues doubling to £60 million during that period. This performance trajectory was supported by three bolt-on acquisitions following Palatine's initial investment, with management indicating plans to ramp up acquisition activity further in 2022. The most significant acquisition—Plan-Net in July 2019—deepened Acora's helpdesk service capabilities and strengthened its strategic positioning in the Legal, Insurance, and Financial Services sectors.
The business operates from three UK operations centres with over 300 highly skilled staff and focuses on mid-market companies based in the UK. Acora's service delivery model emphasizes a highly automated and dynamic service management platform that drives operational efficiencies and quality outcomes. Leadership comprises Chairman Richard Atkins, CEO David Rabson, CFO Gary Page, and a strong senior management team with deep expertise in Private Cloud and Microsoft Cloud Services.
Palatine subsequently exited Acora by selling to LDC, a larger institutional investor, after building the platform into a significant growth vehicle. By the 14-month period ending December 31, 2023, Acora posted £78.8 million in revenues, representing an 80 percent pro-rata increase from the prior year. This exit demonstrates successful value creation during Palatine's holding period and indicates strong market demand for consolidation in the managed IT services sector.
During its tenure under Palatine ownership, Acora demonstrated robust operational execution. The company achieved double-digit organic growth exceeding 20 percent in 2022, with revenues doubling to £60 million during that period. This performance trajectory was supported by three bolt-on acquisitions following Palatine's initial investment, with management indicating plans to ramp up acquisition activity further in 2022. The most significant acquisition—Plan-Net in July 2019—deepened Acora's helpdesk service capabilities and strengthened its strategic positioning in the Legal, Insurance, and Financial Services sectors.
The business operates from three UK operations centres with over 300 highly skilled staff and focuses on mid-market companies based in the UK. Acora's service delivery model emphasizes a highly automated and dynamic service management platform that drives operational efficiencies and quality outcomes. Leadership comprises Chairman Richard Atkins, CEO David Rabson, CFO Gary Page, and a strong senior management team with deep expertise in Private Cloud and Microsoft Cloud Services.
Palatine subsequently exited Acora by selling to LDC, a larger institutional investor, after building the platform into a significant growth vehicle. By the 14-month period ending December 31, 2023, Acora posted £78.8 million in revenues, representing an 80 percent pro-rata increase from the prior year. This exit demonstrates successful value creation during Palatine's holding period and indicates strong market demand for consolidation in the managed IT services sector.
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