Nottingham software company, NoBlue, secures investment and confirms merger with international player
A Nottingham-based software company, NoBlue, has secured a growth investment from specialist investor FPE Capital LLP and merged with a counterpart – Elevate2, the largest independent NetSuite services provider headquartered in London, with a further office in the Philippines.
NoBlue, which has offices in the UK and Spain, specialises in supporting digital transformation, leveraging Oracle NetSuite, and has focused on that software since 2011. It was recognised as EMEA Oracle NetSuite Partner of the Year in 2022.
The combined business will trade under the name NoBlue2. Ian Irwin, founder of NoBlue, will become chief executive of the group, with Alex Lester, founder of Elevate2, becoming COO.
Irwin said: “We identified that FPE was the right partner, not just on its track record of backing software companies and its expertise in the next stage of growth that we are targeting, but also in helping us with key initiatives such as moving further into international markets.
“Additionally, our merger with Elevate2 is a key enabler in our ambitious growth strategy. Elevate2 have displayed impressive growth, serving well a large and diverse portfolio of customers. The additions this merger brings to our project delivery, and leadership, teams are an important step to provide us a solid platform for continued and accelerated growth.”
Lester added: “This is great news for the whole Elevate2 team and our customers. The synergies between NoBlue and Elevate2 are very strong and will benefit our team and customers alike.
“We are all very excited about the combination and the future growth opportunities.”
As part of this investment, Glenn Timms has been appointed as non-executive chair, bringing experience of helping private equity-backed technology and service orientated businesses.
This investment is the fifth investment from FPE Fund III – the firm’s third specialist software and services fund, the successful final close of which was announced in May 2022, at a raised hard cap of £185m.