Headquartered in Dublin, Welltel was founded in 2007 by CEO Ross Murray and Executive Chairman John Quinn. The company has since established itself as the largest, fastest-growing independent enterprise communications provider in Ireland, providing c.3,500 customers with market leading expertise in unified communications, contact centres, secure connectivity, managed IT services, remote working, and phone systems.
Welltel’s experienced management team has supported the company’s rapid growth through transformational M&A; consolidating a fragmented Irish communications and connectivity market through six acquisitions to date. As a result, Welltel has built a reputation as an acquirer of choice in the sector, and has achieved widespread industry recognition, winning seven consecutive Deloitte Fast 50 awards. The firm has also continued to organically grow its portfolio of blue-chip enterprise and business customers, which includes the likes of Permanent TSB, Specsavers, Zurich and Northern Ireland Water.
Livingbridge identified Welltel as a sector leader poised to benefit from the increasing momentum in the communications and IT services market. With its proven track-record in the sector, Livingbridge will accelerate Welltel’s ambitious growth plans by supporting its M&A programme and its organic expansion. It will also significantly invest in Welltel’s infrastructure to allow for the business to scale at pace.
The investment, made through the Livingbridge Mid-Market fund, builds on Livingbridge’s experience in the communications and IT services market, which includes the acquisition of leading data delivery network FluidOne last year and international cloud and connectivity provider M247.
Matthew Caffrey, Livingbridge, said: “Welltel is a high-quality, well-established business with a strong potential for further growth. We are excited by the prospect of working closely with Ross, John and the team, leveraging our in-depth understanding of the sector and internal resources to propel the firm to the forefront of the industry.”
Ross Murray, Welltel, added: “We have built Welltel from the ground up since 2007, cementing its position as one of the premier enterprise communications and IT services providers in Ireland. Having overseen the development of the business for the last 13 years, we look forward to working with Livingbridge to lead Welltel into the next phase of its growth. Livingbridge has a longstanding reputation for helping businesses achieve their potential, and I am confident that their extensive knowledge of the technology and communications sector will help us to continue to deliver for our customers.”
The principal advisors on this investment for Livingbridge included Clearwater International (corporate finance) and Pinsent Masons LLP (legal).
The principal advisors on this investment for Welltel included Deloitte’s M&A Advisory team in Dublin (corporate finance), Arthur Cox & BHSM (legal) and PwC Dublin (tax).