Wednesday 17 August 2016 1:41 pm

US cloud firm snaps up UK startup for European expansion

US cloud computing company Datapipe has snapped up a UK startup to kickstart its expansion into Europe.

It has acquired Adapt, a five-year-old startup majority owned by private equity investor Lyceum Capital and which manages cloud computing services for companies such as and the National Trust for an undisclosed sum.

The firm has not been put off by Brexit and believes the UK  remains a springboard into the rest of Europe.

Read more: Amazon will plough ahead with UK data centres plan despite Brexit

"This will increase our scale and service capabilities in the United Kingdom, and the broader European market," said Datapipe chief executive Robb Allen.

It's the latest in a series of acquisitions for Goldman Sachs-backed Datapipe. It last year acquired DualSpark, a US startup founded by former Amazon Web Services executives and prior to that  made two more acquisitions.

Lyceum partner Simon Hitchcock said: "“Our investment in Adapt five years ago allowed us to take full advantage of the high growth opportunities in the managed hosting market.

"The success of Adapt is just one example of how the UK has become a breeding ground for high growth businesses in the lower middle market, and confirms Lyceum’s track record as a value adding technology investor.”