|By RealWire News Distribution||
|January 13, 2014 07:17 PM EST||
In a multi-million pound deal, Inoapps, one of the leading Oracle resellers in Europe, the Middle East and Africa, today, 13 January, announces that it acquired Crocus Consulting (Crocus). Crocus, a leading Oracle partner, which specialises in the provision of PeopleSoft services, will become part of Inoapps. Crocus implements Oracle's PeopleSoft applications to provide comprehensive business and industry solutions and focuses on human capital management (HCM).
The acquisition follows a £10 million investment of growth capital from BGF (Business Growth Fund), the independent company established to provide growth capital to UK businesses.
Crocus is based in Leicester with a headcount of more than 45 all of whom will continue to be employed by Inoapps. The Crocus management team will remain in place. Chris Smith, managing director has become Inoapps' vice president Applications Division.
Commenting on the deal, Inoapps' chief executive officer Andy Bird said: "The acquisition of Crocus brings valuable skills and experience to Inoapps. The Crocus team has built a solid business through delivering continuous improvement and value to its clients. They have a strong industry focus on financial services as well as expert knowledge of the PeopleSoft applications.
"The acquisition will also bring a highly experienced HCM and payroll consultancy practice to Inoapps. Both Inoapps and Crocus have excellent skills in Oracle Business Intelligence, together this will become a significant practice. These benefits combined with Inoapps' existing strengths will help us to achieve our corporate goal of £50 million turnover by 2015."
"As well as retaining all of the existing Crocus employees we are also looking to recruit more people to join the growing Inoapps team," continued Andy. "In 2013 we opened offices in Kuala Lumpur and Bahrain and our plans for US expansion are at an advanced stage. We expect to be able to make an announcement regarding the US launch before the end of Q1 2014. We expect our turnover for 2014 to reach £35 million and our global headcount has increased to over 200."
Chris Smith, Inoapps' applications division head, added: "There are exciting synergies between Inoapps and Crocus. Acting as one organisation we will be able to combine our experience and expertise in order to bring even more value to our customers. As a group, the former Crocus management team is committed to the deal and we will all be working with our new colleagues in order to continue to deliver the best results and optimum value to our clients."
Operating around the world, Inoapps (www.inoapps.com) is a leading Oracle Platinum Partner and Oracle Applications, Technology & Hardware specialist. An authorised reseller of Oracle licences, Inoapps also enables the complete Oracle application-to-disk enterprise IT environment through the provision of consulting, implementation, hosting, managed services and cloud services. Inoapps works with clients in sectors including energy, engineering, construction, information technology, financial services, manufacturing as well as local and central government.
Inoapps is proud to be recognised by Oracle as Specialized Partner of the Year for Accelerate Solutions: EMEA 2010 & 2012, Oracle General Business Applications Partner of the Year 2009, 2010 & 2011 and UK Oracle User Group Database Partner of the Year 2011/12.
BGF has been established to help Britain's growing businesses; growth potential and ambition are the key criteria for companies seeking to engage with BGF. BGF will invest between £2m and £10m in return for a minority equity stake and a seat on the board for a BGF director. As such BGF hopes to be a catalyst for growth among UK companies.
BGF is an independent company with capital of up to £2.5 billion, backed by five of the UK's main banking groups - Barclays, HSBC, Lloyds, RBS, and Standard Chartered. BGF is managed completely autonomously with an independent management team. For more information go to www.bgf.co.uk
David Hart Marketing Manager, Inoapps, +44 870 11 22 000