2i testing secures eight-figure funding package from Rockpool Investments

2i testing secures eight-figure funding package from Rockpool Investments

Edinburgh-headquartered 2i testing has secured funding worth eight-figures to accelerate growth as it targets turnover in excess of £50 million in the coming years.

2i testing has already grown to more than £20m annual turnover, providing testing and quality assurance support to clients including the Home Office, Virgin Money, Abrdn and the Scottish Government’s Social Security Directorate.

The latest funding was provided by London-based Private Equity firm Rockpool Investments, which has a record for supporting profitable businesses with ambitious growth plans.

2i has helped organisations across the private and public sector to safely roll out major IT programmes. With more than 200 staff across the UK it has enjoyed rapid organic growth in recent years.

Dave Kelly, who moved from managing director to CEO in 2022 is keen to explore acquisition opportunities with the injection of capital and experience that Rockpool will provide.

Optimistic for the next phase of growth for 2i, he said: “We are absolutely delighted with this investment from Rockpool who we believe are the perfect partner to help us on the next stage of our growth journey.

“Their support and expertise will help us to further develop our service offerings and identify acquisition opportunities to support our aim of becoming the premier quality engineering company in the UK.”

Rockpool’s investment was led by Guy Nieuwenhuys and Will Beckett.

Mr Nieuwenhuys, who is investment director at Rockpool, added: “We are delighted to be partnering with Dave Kelly and the 2i team as they continue their strong organic growth and embark on a buy and build journey.

“We have been impressed by their proactive investment in talented people and automation products. The business is highly innovative and takes a strategic partner approach to working with its clients.

“Increased digital change poses a huge risk to organisations as system failures can lead to significant financial and reputational issues for companies and their senior executives.

“2i is well-placed to support, through its focus on high-quality delivery and client service.”

Paul Winterflood from MKS Corporate Finance, which supported 2i throughout the process, said: “Rockpool’s investment in 2i is a fantastic partnership for all concerned.

“It has been a pleasure to work with Dave and the rest of the team on this transaction and I look forward to following 2i go from strength-to-strength on the next stage of their growth journey with Rockpool’s support.”

Rockpool was advised by Saffery (financial & tax), Macdonald Henderson and Stephenson Harwood (legal), Palladium Digital (technology), Continuum (organisational) and Claritas (tax structuring). 2i was advised by Moore Kingston Smith (corporate finance & tax) and Bird & Bird (legal).

2i is headquartered in George Street, Edinburgh, with further offices in Glasgow and London. The firm specialises in helping businesses and organisations to deliver large-scale and complex digital projects, including major software rollouts and upgrades.

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