Tuesday, 11th July 2023 – NoBlue today announced that it has received a growth investment from specialist software & services focused lower mid-market growth investor, FPE Capital LLP (“FPE”) and has merged with award-winning NetSuite Solution Provider Elevate2.
NoBlue has focused on Oracle NetSuite since 2011 and was recognised as EMEA Oracle NetSuite Partner of the Year in 2022. The company has offices in the UK and Spain and customers around the world. It specialises in supporting digital transformation, leveraging Oracle NetSuite, whether clients require Enterprise Resource Planning (ERP), Customer Relationship Management (CRM), Professional Services Automation (PSA) or Commerce, or a combination of all of these. The company works across a wide range of industry sectors including Software, FinTech, Discrete Manufacturing, Wholesale Distribution, Professional Services and Retail, plus many more.
Elevate2, founded in 2015, is the largest independent NetSuite Solution Provider, headquartered in London, UK, with a further office in the Philippines. It has extensive experience in NetSuite, as well as supporting the implementations of other business applications including Oracle Fusion, Salesforce, Microsoft Dynamics, SAP, and Sage. Elevate2’s client base covers many sectors including FinTech, Blockchain/Web3, Financials Services, Professional Services, Media & Publishing and Hospitality.
Paying homage to both businesses’ history and cultures the combined business will trade under the name NoBlue2. Ian Irwin, founder of NoBlue, has become CEO of the group, with Alex Lester, founder of Elevate2, becoming COO.
FPE Capital has a successful track record in backing ERP software and services businesses with a focus on market leading vendors and strong, client focused cultures. With FPE’s support, the combined business is now planning to invest further into application development and related services, and to scale the business further internationally.
This Investment is the fifth investment from FPE Fund III – the firm’s third specialist software and services fund, the successful final close of which was announced in May 2022, at a raised hard cap of £185m.
As part of this investment, Glenn Timms is appointed as Non-Executive Chair of the group. A serial Chair, Glenn has extensive experience of helping private equity backed technology and service orientated businesses scale-up within rapidly changing UK and US markets. An experienced Board level operator, he has a proven track record of helping growth businesses succeed by delivering sales performance, operational scale and complimentary acquisitions within technology markets internationally.
Ian Irwin, Founder at NoBlue, said,
“we identified that FPE was the right partner, not just on its track record of backing software companies and its expertise in the next stage of growth that we are targeting, but also in helping us with key initiatives such as moving further into international markets.
Additionally, our merger with Elevate2 is a key enabler in our ambitious growth strategy. Elevate2 have displayed impressive growth, serving well a large and diverse portfolio of customers. The additions this merger brings to our project delivery, and leadership, teams are an important step to provide us a solid platform for continued and accelerated growth.”
Alex Lester, Founder at Elevate2, added,
“this is great news for the whole Elevate2 team and our customers. The synergies between NoBlue and Elevate2 are very strong and will benefit our team and customers alike. We are all very excited about the combination and the future growth opportunities.”
Glenn Timms, Chair, said,
“It is a fantastic opportunity to be asked to join the business as Non-Executive Chairman. The businesses have already each developed market leading positions that generate material value for their clients and the combination is poised for significant future growth. I look forward working with the team and to supporting them as we scale further.”
Dan Walker, Partner at FPE, commented,
“FPE is delighted to have completed this investment into NoBlue2, our fifth from Fund III. Our investment focus is on enabling software founders and teams to go through a second stage of growth and scaling after they have established their business and reputations in a chosen B2B sector. We consider the opportunity for ERP and related applications to be significant and growing, and could quickly see the value that Ian and Alex had built in their respective businesses, and the power of the combination. We are excited to be working with them on the next part of this journey and to further build the group organically and via acquisition.”
For further information please contact the NoBlue Team
