Fast-growing IT company Roc which serves Tesco, BAE Systems and the BBC grabs £10m funding

Lucy White
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Roc helps businesses improve and turn around their technology systems (Source: Getty)

Roc Technologies, the young IT company which already serves names such as Tesco, BAE Systems and the BBC, has nabbed a £10m cheque from the Business Growth Fund (BGF).

Part of the money has gone towards the acquisition of City Change Management (CCM), a company which works on complex business and IT transformation projects. It recently helped Gatwick Airport with its Airline Moves project, where British Airways, Virgin Atlantic and EasyJet changed terminal, and worked with a magic circle law firm to replace its entire global intranet service.

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At just four years old, Roc generated turnover of almost £16m in the year ending March 2016 and achieved organic growth in excess of 90 per cent between 2016 and 2017.

“The decision to bring in an external equity investor as part of this process wasn’t taken lightly,” said Roc’s chief executive Matt Franklin. “However, BGF’s long-term, non-controlling approach was a good fit with our own ambitions.”

Franklin added that the Roc team had known CCM for more than 10 years, and had collaborated on some “major customer initiatives”.

“The formalisation of our relationship will enable us to bring powerful joint services to the market,” he added.

The remaining BGF funding will be used to continue Roc’s expansion, as it invests in its operations and infrastructure and looks into further acquisitions.

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Roc’s founders, Franklin and chief operating officer Steve Shirley, will remain in their roles while CCM’s founders Tim Bretman and Danny Hargest will join the management team.

The deal is the BGF’s 20th investment in the south west of England, and it has already helped to fund two of Roc’s delivery partners including UKCloud and Vysiion.

The independent fund was established in 2011 by Barclays, HSBC, Lloyds Bank, Royal Bank of Scotland and Standard Chartered. Some of its earlier investments include children’s ride-on suitcase brand Trunki, and Boost Juice Bars.

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