Sector:

Technology Services

Investment year:

2019

Year of sale:

N/A

Horizon has a proven track record of building quality, high growth technology service businesses and I am looking forward to developing Ascent in partnership with them

Stewart SmytheCEO

Business

Ascent provides custom software development enabling digital transformations and IP development for its clients in the UK, Germany and the United States.

The business delivers complex software development projects through long term relationships with its clients. As well as being a key technology supplier to a number of blue chip and mid-market clients, Ascent has developed its own IP in niche verticals.

Market

The European custom software development market is growing in excess of 15% per annum which is set to continue as businesses of all types focus on upgrading and maintaining their digital infrastructure.

The market is highly fragmented with a significant number of entrepreneurially owned businesses delivering services across a full spectrum of end markets.

Strategy

Having invested in November 2019, Horizon are working with management to scale and develop Ascent:

  • Accelerate the double digit revenue growth through investment in a new go-to-market team and proposition
  • Investment into full productisation of existing and new IP to increase margins
  • Develop longer term contractual relationships with key customers
  • Completing a number of acquisitions to build scale, diversify the delivery centres, increase technical capabilities and enternew geographic markets
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