Babble has acquired Lake Technologies Ltd. The move marks the fourth deal completed by the acquisitive, rapidly growing cloud technology business since it was backed by private equity firm, LDC in 2017.
Lake Technologies has provided business telephony and network services to its customers for over 26 years, who will now be able to take advantage of Babble’s ability to offer the most agile and efficient cloud-based solutions to organisations, allowing them to adapt to the changing world of work.
Babble has thrived since it was private equity backed three years ago. It has continually delivered strong organic growth and remains on track to hit a revenue target of £100m through a combination of organic growth and an aggressive buy and build strategy.
Matt Parker, CEO at Babble, said: “This is another step on Babble’s rapidly accelerating ride towards £100m as we seek further acquisitions in partnership with LDC. I am delighted to have acquired another high-quality business in Lake Technologies. Both businesses have a focus on improving productivity and increasing customer engagement and organisational resilience whilst reducing costs, to deliver a rapid return on investment for clients.”
Chris Morris, Investment Director at LDC, said: “Matt and the team at Babble are committed to delivering an ambitious acquisitive growth strategy which we are fully supportive of. We have provided additional funding to help the team secure this deal and further broaden its services as it continues to grow.”
Since the MBO in 2017, Babble has also acquired Arden Group, Direct Response Plus, and Diva Telecom through funding provided by LDC.
Babble is a leading technology business that is reimagining how we do work. Founded in 2001, the company has transformed over 2,000 clients’ organisations through cloud-based solutions that enhance efficiency, flexibility and customer loyalty.
Since it was backed by private equity firm, LDC, in 2017, the fast-growing company has grown revenue rapidly to an annual turnover of £22m, 95% of which is recurring, and is on track to deliver on a revenue target of £100m. The business has over 10,000 cloud-based users, 10,000 mobile connections and 2,000 CCaaS seats.
Delivered through long-term client relationships, Babble offers three core solutions to businesses across the world: Babble Comms drives efficiencies through cost saving and productivity improvements; Babble Contact increases customer engagement by enabling high quality, positive, productive and ultimately more profitable conversations with customers; and Babble Cyber embeds business resilience by delivering the best cloud-based tools and security available, allowing teams to work the way they want to work.