Neil Logan, who was chief technology officer at Scottish IT group Amor – acquired by US aerospace giant Lockheed Martin three years ago – has received backing from private equity house Maven Capital Partners and the Scottish Investment Bank (SIB) as he seeks to further expand his new venture, Incremental Group.
Glasgow-based Incremental has acquired Inverurie outfit First eBusiness Solutions, a company that specialises in Microsoft Dynamics systems, and is now hoping to create 140 jobs as it targets revenues of more than £20 million.
Logan, the firm’s chief executive, said: “We created Incremental Group to support organisations by working with them over the long term to deliver digital solutions that enable businesses to do more. First eBusiness has a well-deserved reputation for technical excellence and solid basis for future growth.
“We welcome Maven and SIB on board as our new investors. Both have considerable experience and expertise across the tech space with a number of successful investments under their belts and we look forward to their input in helping to grow our business.”
Logan, who also chairs Data Lab, Scotland’s publicly-funded innovation centre for data science, set up the group alongside former Amor and Lockheed Martin colleagues Craig Donnelly, who serves as chief commercial officer, and chief financial officer Stuart Kerr.
Julie Glenny, investment director at Maven, said: “We have been very impressed by the incoming Incremental management team, who are extremely well-regarded within the sector and bring a wealth of experience and an excellent track record of success. The business is well placed to expand both organically and through acquisition, and we’re delighted to be backing this team and its growth strategy.”
First eBusiness Solutions, which has been working in the IT services field for more than 30 years, has a focus on the oil and gas, manufacturing and distribution industries.
Incremental, based at Glasgow’s Tontine start-up hub, is planning to grow its customer base in these sectors, while expanding into financial services and the wider corporate market. Along with organic growth, it is considering further acquisitions across Scotland and the rest of the UK “where opportunities present themselves”.
Kerry Sharp, head of the SIB, said: “Scottish Enterprise has been working with the Incremental management team and supported them from the outset in this exciting new venture.
“In addition to the investment, Incremental has drawn support from our scaling account management service, financial readiness, and innovation teams. We look forward to continuing to work with the company and our partner Maven as the business develops and expands.”