London VC firm to take majority stake in Dublin’s Ekco

10 Oct 2022

Ekco CEO Eoin Blacklock. Image: Ekco

Corten Capital will become the majority shareholder in the Dublin-based cloud and cybersecurity company.

Irish cybersecurity and cloud specialist Ekco has been backed by Corten Capital in a move that will see the London-based tech VC firm become its majority shareholder.

Founded by Eoin Blacklock and Jonathan Crowe in 2016 as a cloud backup and disaster recovery business, Dublin-based Ekco now has a team of engineers and tech professionals managing customers’ IT and cybersecurity needs.

The start-up has scaled rapidly across Ireland, UK and the Netherlands through an ambitious buy-and-build programme, snapping up many companies in the process.

In August, Ekco acquired IT services provider Unity Technology Solutions for an undisclosed sum. At the time, Ekco said the deal would push its annual revenue to more than €105m and increase its employee count to 500 across Ireland, UK and the Netherlands.

In the past 18 months, Ekco has also acquired pure-play security service providers Ward Solutions, Kontex and Caveo Systems.

Financial details of the latest investment were not disclosed. It will give Corten a majority share in Ekco, but its founders and other senior management will continue to lead the business and remain “significant shareholders”.

Crowe said that Corten’s capital and strategic backing will enable Ekco to continue to grow its range of services and expert team as well as help it to continue its trajectory of strategic acquisitions.

“We will continue to focus on hiring the best talent, who will be able to provide highly focused, local services to each of our customers. We are excited for this next phase of Ekco’s journey with Corten, which will benefit our customers and our people,” he said.

Joseph Schull of Corten Capital praised Ekco’s founders and team for leading the start-up’s growth into “one of Europe’s leading managed cloud and cybersecurity providers”.

“Their ambition to build a great platform company that stands the test of time based upon on the breadth and quality of its service offerings aligns perfectly with Corten’s investment strategy and approach,” he said.

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Vish Gain is a journalist with Silicon Republic