Nostra gains new investment partner to fuel acquisition plans

24 Aug 2023

Nostra CEO Kevin O'Loughlin. Image: Nostra

Nostra has completed multiple acquisitions this year and plans to push ahead to become a ‘global leader in IT’.

Irish managed service provider Nostra has brought in new investment from Phoenix Equity Partners to help reach new growth goals.

Phoenix is a UK-based investment firm that claims to have raised £1.3bn to date and invested in more than 50 businesses. The firm focuses on partnering with “high growth potential” businesses.

Nostra plans to use the latest investment to fuel its growth and acquisition plans. The company has already acquired multiple businesses this year.

These are Dublin’s Definitive Solutions, Galway-based Passax Business Systems and a majority stake in Voice and Data Solutions. As a result, Nostra now has 300 employees.

The company is headquartered in Dublin’s Park West and has various regional offices around Ireland, Bulgaria and South Africa. Founded in 2006, Nostra brings end-to-end managed IT services to clients across several industries, from manufacturing and pharmaceuticals to healthcare and fintech.

The managed service provider claims to have achieved organic growth of 20pc each year over the past three years. But it has also focused on growing significantly through acquisitions.

In 2021, it acquired IT service provider Enclave. In the same year, it announced a major expansion of its headcount with the creation of 120 new jobs.

Nostra co-founder and CEO Kevin O’Loughlin said the company is in the early stages of a long-term plan, but that the partnership with Phoenix will help the company achieve the “ambition to become a global leader in IT”.

“We were looking for a partner who would back Nostra’s ambitious plans to grow organically and via acquisition,” O’Loughlin said. “We want to build on our offering to be a true ‘end-to-end’ provider for aspirational companies who need world-class support. Phoenix have been a pleasure to work with and we spoke to many other teams they had partnered with who confirmed our view.”

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Leigh Mc Gowran is a journalist with Silicon Republic