Babble snaps up telecoms provider Lake Technologies
LDC-backed company Babble has acquired business telecoms provider Lake Technologies for an undisclosed sum.
Cloud services technology firm Babble, which has sites in Birmingham, Leeds, Burton-upon-Trent and London, has snapped up Ormskirk-headquartered Lake Technologies.
The transaction, which was funded by mid-market private equity investor LDC – the private equity arm of Lloyds Banking Group – marks the fourth deal completed by the rapidly growing business, after it was backed by the private equity firm in 2017.
Lake Technologies has provided business telephony and network services for more than 26 years.
Matt Parker, chief executive at Babble, commented: “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, added: “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 acquired Arden Group, Direct Response Plus, and Diva Telecom through funding provided by LDC.