Arkphire goes west to acquire CloudStrong

November 19, 2018

Ambitious plans to build out cloud services business from Castlebar base in new phase of growth

IT solutions and networking company, Arkphire, has today announced its acquisition of CloudStrong, the specialist cloud solution provider that is based in Castlebar, Co. Mayo.  The new combined business is committed to building out a growth cloud services business from its centre of excellence in the West of Ireland.  For commercial reasons, Arkphire is not disclosing financial details related to this latest acquisition

Over the past four years, Arkphire has grown turnover from €20m to over €90m and the company is on track to become a €100 million business this year, providing a full range of technology solutions from the desktop to the data centre.  Founded in 2011 by Oliver Surdival, CloudStrong currently employs 12 people, providing cloud consultancy services and solutions to the small and medium sized enterprise market.  CloudStrong received start-up equity funding from Enterprise Ireland and has been a client in Enterprise Ireland’s High Potential Start-up unit, which is dedicated to Irish start-ups with the potential to scale in international markets.

Commenting on this latest acquisition by Arkphire, Paschal Naylor, CEO at Arkphire said:

“Arkphire and CloudStrong have a very effective working relationship going back many years.  The acquisition formalises this relationship and strengthens Arkphire’s overall cloud services offering, enabling us to bring our complementary skills and capabilities to the market.  I am very confident and looking forward to building out a really effective cloud technology team from our new hub in the West and providing new career opportunities for people wanting to live in the region.”

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“I’m extremely proud of the CloudStrong team and the journey we have undertaken since 2011.  Our expert knowledge and experience of cloud solutions and data analytics fits very well and complements the overall Arkphire offering.  We are very excited to now become part of the Arkphire Group and to leverage the synergies we have to support our real growth potential. Growth is part of the CloudStrong DNA and the acquisition by Arkphire will accelerate this ambition for the business as we seek to further utilise business opportunities from Arkphire’s footprint.  It’s a fantastic day for Mayo and cements the region as a great location to operate and grow a business.”

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Surdival, Founder and CEO of CloudStrong

“Enterprise Ireland congratulates Arkphire and CloudStrong on this acquisition, and welcomes Arkphire’s expansion to Castlebar as a result. CloudStrong’s specialised cloud offering has been instrumental in attracting and retaining talent and supporting local enterprise in the region. At Enterprise Ireland, we are committed to the support of innovative, indigenous companies with global ambition and the potential to grow in new markets.  We look forward to supporting Arkphire develop its cloud technology centre of excellence in Castlebar as it continues with its ambitious growth plans.”

Barry Egan, Regional Director of Enterprise Ireland

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Headquartered in Sandyford, Dublin, Arkphire currently employs over 90 people across its various divisions providing a range of IT services, from IT procurement through to managed services, networking and the data centre.  This latest acquisition will now see Arkphire add specialist cloud consultancy support and expertise to directly support clients looking to consider and adopt cloud-based solutions that can help them transform the way their businesses operate.

Last month, Arkphire secured an investment into its business from Bregal Milestone, a private capital firm, managing a new €400m pan-European fund dedicated to investing in high-growth European companies.  This investment has been earmarked to support Arkphire through further growth opportunities, both organically and through potential merger and acquisition activity. Today’s announcement marks the first new acquisition for Arkphire following its investment by Bregal Milestone.

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About Arkphire

Arkphire is a leading IT solutions and networking company with operations in Dublin and London.  For more than 40 years, Arkphire has been working as a trusted partner on behalf of its customers, providing technology expertise, products and support services that deliver successful outcomes for their customers.  Arkphire’s customers cover large multinationals, leading Irish organisations and public sector agencies within a wide range of industries including telecommunications, Internet based businesses, finance, healthcare and energy.  Today the business has an unrivalled network of partnership accreditations with all of the leading manufacturers covering Apple, Cisco, Dell EMC, HP, Lenovo, VMware and Veritas among others. For more information, please visit www.arkphire.com

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About CloudStrong

Founded in 2011, CloudStrong specialises in providing cloud solutions and expertise to businesses and organisations that are looking to use cloud computing to achieve digital transformation in the way a business can more effectively operate. The company has established a position as Ireland and UK’s largest Microsoft cloud specialist. To date, CloudStrong has helped more than 30,000 Irish and UK workers successfully move to the Microsoft cloud. As a leading Microsoft partner, CloudStrong has achieved Gold Cloud Solutions and Microsoft Certifications.  Among CloudStrong’s customers are companies such as TG4, Portwest, Boston Scientific and Topflight.  For more information, please visit www.cloudstrong.ie

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April 2024

Introduction

The Financial Conduct Authority (“FCA” or “regulator”) in the Prudential sourcebook for MiFID Investment Firms in the FCA Handbook (“MIFIDPRU”) sets out the detailed prudential requirements that apply to Bregal Milestone LLP, (“Bregal” or the “Firm”). Chapter 8 of MIFIDPRU (“MIFIDPRU 8”) sets out public disclosure rules and guidance with which the Firm must comply, further to those prudential requirements.

Bregal is classified under MIFIDPRU as a small and non-interconnected MIFIDPRU investment firm (“SNI MIFIDPRU Investment Firm”). As such, the Firm is required by MIFIDPRU 8 to disclose information regarding its remuneration policy and practices.

The purpose of these disclosures is to give stakeholders and market participants an insight into the Firm’s culture and to assist stakeholders in making more informed decisions about their relationship with the Firm.

This document has been prepared by Bregal in accordance with the requirements of MIFIDPRU 8 and is verified by the Board. Unless otherwise stated, all figures are as at the Firm’s 31 December financial year-end.

Remuneration Policy and Practices

Overview

As an SNI MIFIDPRU Investment Firm, Bregal is subject to the basic requirements of the MIFIDPRU Remuneration Code (as laid down in Chapter 19G of the Senior management arrangements, Systems and Controls sourcebook in the FCA Handbook (“SYSC”)). The purpose of the remuneration requirements is to:

  • Promote effective risk management in the long-term interests of the Firm and its clients;
  • Ensure alignment between risk and individual reward;
  • Support positive behaviours and healthy firm cultures; and
  • Discourage behaviours that can lead to misconduct and poor customer outcomes.

The objective of Bregal’s remuneration policies and practices is to establish, implement and maintain a culture that is consistent with, and promotes, sound and effective risk management and does not encourage risk-taking which is inconsistent with the risk profile of the Firm and the services that it provides to its clients.

In addition, Bregal recognises that remuneration is a key component in how the Firm attracts, motivates, and retains quality staff and sustains consistently high levels of performance, productivity, and results. As such, the Firm’s remuneration philosophy is also grounded in the belief that its people are the most important asset and provide its greatest competitive advantage.

The Firm is committed to excellence, teamwork, ethical behaviour, and the pursuit of exceptional outcomes for its clients. From a remuneration perspective, this means that performance is determined through the assessment of various factors that relate to these values, and by making considered and informed decisions that reward effort, attitude, and results.

Characteristics of the Firm’s Remuneration Policy and Practices

Remuneration at Bregal is made up of fixed and variable components. The fixed component is set in line with market competitiveness at a level to attract and retain skilled staff. Variable remuneration is paid on a discretionary basis and takes into consideration the Firm’s financial performance as well as the financial performance of each business unit, and the financial and non-financial performance of the individual in contributing to the Firm’s success. All staff members are eligible to receive variable remuneration.

The fixed and variable components of remuneration are appropriately balanced: the fixed component represents a sufficiently high proportion of the total remuneration to enable the operation of a fully flexible policy on variable remuneration. This allows for the possibility of paying no variable remuneration component, which the Firm would do in certain situations, such as where the Firm’s profitability performance is constrained, or where there is a risk that the Firm may not be able to meet its capital or liquidity regulatory requirements.

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The Board is responsible for setting and overseeing the implementation of Bregal’s remuneration policy and practices. In order to fulfil its responsibilities, the Firm’s senior management:

  • Is appropriately staffed to enable it to exercise competent and independent judgment on remuneration policies and practices and the incentives created for managing risk, capital, and liquidity.
  • Prepares decisions regarding remuneration, including decisions that have implications for the risk and risk management of the Firm.
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The Firm’s remuneration policy and practices are reviewed annually by the Firm’s senior management.

Quantitative Remuneration Disclosure

For the financial year 1 January to 31 December 2023, the total amount of remuneration awarded to all staff was £8,002,731 of which £5,121,421 comprised the fixed component of remuneration, and £2,881,310 comprised the variable component. For these purposes, ‘staff’ is defined broadly, and includes, for example, employees of the Firm itself, partners or members, employees of other entities in the Bregal Group and secondees.

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