The deal for the Nottingham-based firm, which generated revenue of £95.2 million in its last reported financial year, means that CEO Martin Balaam will leave the building with his belongings in an old photocopy box. Gone also will be Jigsaw24’s previous private equity backers NorthEdge Capital, who invested in 2013.
Balaam said he has had no regrets and it has been an incredible five years and he sees big things coming from Apple’s creative technology as ‘mobile first’ was now reality and businesses have digital transformation at the top of its strategies.
NorthEdge is not too fussed either. It said it saw a three times return on its investment in Jigsaw24.
Jigsaw24 founder, and current managing director, Roger Whittle will step into Balaam’s shoes as CEO.
Whittle said: “With John Hughes as COO alongside myself, and some significant additions to our revitalised management team, we are excited about implementing our ambitious investment plans, as we work together in close partnership with Alcuin Capital, taking Jigsaw24 onto the next level together.
“Our close collaboration with Apple in the exciting and growing areas of enterprise, education and digital transformation allied to our strong momentum within the media and entertainment sector backed by an expanding services proposition give us great confidence in the future.”