Leeds IT consultancy set for expansion after Irish private equity firm takes majority stake
Erisbeg, which is based in Ireland, has made a “significant majority investment” into both firms.
The businesses were founded and launched in 2008 by Sarah Pawson, who will remain as managing director at both businesses.
Ms Pawson said: “I am delighted with the investment and looking forward to our growing partnership with both Erisbeg and Eolas.
"The injection of capital will accelerate our growth and enable the Fruition brands to reach their full potential at a new pace, whilst creating opportunities not just for management, but for all the team here at Fruition as well as future hires.”
The Fruition group, which achieved turnover of £51.4 million in 2022, delivers technology consulting and talent services to large enterprises including FTSE 100 companies, SMEs and start-ups.
The group averages 500 placements a year with clients including Asda, Flutter Entertainment plc and TransUnion. It said the latest investment will expediate the international and local expansion strategies of both Fruition IT and Fruition Consulting.
The firms have plans to grow their internal team by 60 per cent over the next 12 months, recruiting an additional 20 specialists. They also hope to continue expanding their client base across the UK and US.