Version 1 acquires Scotland’s Instinctive BI to accelerate UK growth

27 Oct 2022

From left: Kevin Ryan, head of corporate development at Version 1, with Instinctive BI CEO Nicholas McFadden and COO Kelly Scanlon. Image: Version 1

Version 1 and Instinctive BI will have more than 2,800 employees combined, with 550 customers and revenues of more than €250m.

Irish IT and digital transformation provider Version 1 has made yet another acquisition in the UK, snapping up data and business intelligence specialist Instinctive BI.

Founded in Edinburg six years ago, Instinctive BI helps public and private sector customers to tackle data change challenges using technology. With revenue in the millions, the Scottish company has a team of 60 consultants across Edinburgh, Glasgow, London and Canada.

Once Version 1 completes its acquisition of Instinctive BI, the combined company will have more than 2,800 employees, 550 customers and more than €250m in revenue in the next year.

Financial details of the deal have not been disclosed. This is Version 1’s 14th acquisition since it was founded in Dublin in 1996.

The Irish company, which provides IT services ranging from consultancy to software development, has tripled in size in recent years. This growth was driven by increasing demand for digital, cloud, data, enterprise software and managed services.

In April, Version 1 changed ownership after Swiss private equity firm Partners Group agreed to acquire a majority interest in the company. At the time, Version 1’s value was estimated to be up to €800m. The transaction was completed in August.

Tom O’Connor, CEO of Version 1, said that the latest acquisition brings a “highly skilled and specialised technology team” with expertise in business intelligence, data and digital transformation consultancy that will benefit Version 1’s customers.

“From ensuring 24/7 security and compliance for top-tier investment banks to delivering next-generation digital platforms for leading insurance providers, Version 1’s people are at the forefront of delivering real differences through technology,” he added.

“We look forward to joining forces with our new colleagues from Instinctive BI to accelerate our growth ambitions as a combined entity, delivering tangible business benefits for our clients and providing unparalleled career opportunities for the most talented technologists across the UK, Ireland, Spain and India.”

Version 1 has been making an expansion push in the UK this year.

In January, it announced plans to open a new tech hub in Newcastle upon Tyne, creating up to 200 jobs in the area over two years. The following month, it revealed that it had acquired London-based service design specialist Evoco.

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Vish Gain is a journalist with Silicon Republic