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OakNorth Bank completes loan to Oncore IT, a leading managed service and cloud platform provider, for the acquisition of Fuse Technologies

OakNorth – the bank for entrepreneurs, by entrepreneurs – has provided a loan to Oncore IT, a leading managed service and cloud
platform provider.

The finance has been used for the acquisition of Fuse Technologies, a London based provider of
unified communications tools. The acquisition sees Oncore IT manage the support
of Fuse Technologies’ 10,000 users that span a variety of industries, primarily
financial services, construction and professional services. The acquisition follows
Oncore IT themselves being acquired by US-headquartered managed service and
cloud solution provider, Ergos, in 2016, and enables it to match the unified
communications capability of Ergos in the US, in the UK.

Oncore IT is a managed service and
cloud platform provider, specialising in the delivery of business critical
systems and infrastructure. With secure and resilient data centres in
London and Amsterdam, Oncore IT has a proven track record and an extensive client
base, ranging from global multinationals to SMEs.

Michael Croft, CEO at Oncore IT, says: “At Oncore IT, we
have established a market-leading reputation by offering first class strategy,
delivery and support and I am delighted to incorporate the unified
communications expertise of Fuse Technologies to strengthen our UK portfolio.
The acquisition was made possible following the support from the team at
OakNorth. They were willing to
take the time

to understand our business model and vision for
the future. We wanted to work with a finance provider who could provide us with
the required capital we needed for the acquisition quickly so that we could get
back to running our business. OakNorth was therefore the obvious partner.”

Leahy, Director, Debt Finance at OakNorth, said:
“Ergos and its subsidiaries’ growth to date has
been impressive, so we were delighted to have the opportunity to become their first
funding partner in the UK and look forward to further supporting their
acquisitive strategy going forward.”

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