Managed IT and cybersecurity services provider Aspire Technology Solutions has secured a major new investment deal worth £200 million to push forward the firm’s expansion and acquisition strategies.

Private equity firm LDC, part of Lloyds Banking Group, has reinvested in the UK IT company with a significant minority stake, alongside new backer Federated Hermes, in a deal set to help the UK IT firm reach £71.2m revenue and £13.5m EBITDA this financial year.

According to Aspire, this latest investment will allow the firm to accelerate its plans and advance toward its goal of achieving £100 million in revenue by 2030.

In the three years since LDC’s original investment in 2022, Aspire has delivered strong growth, with revenue up 158% and headcount increasing 55%, which has seen the firm soar from a valuation of £85 million three years ago to £192 million today. 

The company has also expanded its UK reach and completed two strategic acquisitions, including of Glasgow-based Cloud Cover IT in 2023 and Leeds-based CloudCoCo in 2024, adding more than £10 million in revenue and creating regional hubs for further expansion.  

Founded in 2006, Aspire now employs over 300 staff across its offices in Gateshead, Glasgow, Leeds, London and Stockton, with the firm claiming to support more than 2,000 organisations and over 30,000 end users across the UK.

Working across managed IT, cybersecurity, cloud, connectivity and unified communications, Aspire said that its rapid growth has been underpinned by continued investment in core infrastructure, including private cloud, network enhancement and AI-powered tooling.

“Our growth has always been driven by a clear focus on our customers and on delivering innovative solutions with exceptional service. That focus has set us apart, and it remains the foundation of everything we do,” said Chris Fraser, founder and CEO of Aspire.

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“LDC has supported our ambition since 2022, and their continued partnership as a lead investor, now alongside Federated Hermes, gives us the platform to move forward with confidence.

“Our direction is clear. We will continue to scale through sustained organic growth and customer focus. We see significant opportunity ahead, and we are committed to growing in a way that brings customers even greater value, service and security.”

As part of the transaction, Tim Hipperson steps down as non-executive chair after three years, with David Murray joining Aspire in the same role, bringing more than 30 years of experience in supporting technology business growth.

This has been a milestone year for Aspire, with the firm breaking £50 million in revenue two years earlier than expected, and receiving a Royal Warrant from King Charles III in May in recognition of services to the Royal Household.