27 October 2022 News
Version 1, the technology and digital transformation provider which employs over 500 people at its Belfast base, has accelerated its growth and added to its rapidly expanding global customer base with the acquisition of data and business intelligence experts Instinctive BI.
Founded in Edinburgh, Scotland in early 2016, Instinctive BI has long-standing relationships with customers across the United Kingdom’s public and private sectors, generating multi-million-pound revenue through the delivery of solutions and resources to solve data change challenges. Instinctive BI has a team of over 60 consultants across Edinburgh, where the business is headquartered, and in Glasgow, London, and Canada.
Combined, Version 1 and Instinctive BI will have over 2800 employees, more than 550 customers and revenues of over €250 million in the next year.
The acquisition of Instinctive BI is Version 1's 14th to date and will help it meet ambitious growth plans, particularly with customers seeking to leverage data to enhance their business intelligence capabilities.
This news follows the announcement in April of this year that leading global private markets firm Partners Group would acquire a majority stake in Version 1 and become a key partner in Version 1's next phase of growth. The transaction was completed in August 2022 following regulatory approval.
Version 1 CEO Tom O’Connor said: “This deal marks our 14th acquisition and brings to Version 1 a highly skilled and specialised technology team with deep expertise in business intelligence, data solutions and other key digital transformation consultancy areas which will enable Version 1 to further advance our customers’ mission-critical transformation programmes and strategic objectives. 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. 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.”
Following the acquisition, the Instinctive BI team will become part of Version 1. This includes C-Suite managers Nicholas McFadden, Kelly Scanlon and Stephen Henry who will focus on bringing to Version 1 technology leadership to help grow the company's digital, data and cloud capabilities in the UK.
Instinctive BI Chief Executive Officer Nicholas McFadden said: ‘We have seen no let-up in demand for our services for several years now, testament to the work that our team does for our clients every single day. In Version 1 we have found the right partner to support and accelerate our ambitious growth plans to meet this demand, help us meet our collective ambitions and strengthen the ways in which we are able to help existing and new clients deliver data-driven solutions that make a real difference to their customers and end-users.”
Enda Diggins, Head of UK Digital, Data and Cloud at Version 1 said: “As demand rises for world-class digital, data and cloud capabilities across our diverse customer base, we felt Instinctive BI was the perfect fit for Version 1’s next acquisition to meet this demand. We are excited about the level of specialist talent, knowledge and shared experience Instinctive BI brings to the table for our customers to benefit from, particularly in leveraging the power of data to solve significant business challenges.”
This news follows the announcement in February 2022 of Version 1’s acquisition of London-based digital transformation specialists Evoco, as the firm continues its acquisitive streak in the UK to bolster its growing digital, data and cloud business.
Version 1 CEO Tom O’Connor