Lake Technologies bought by Babble
Ormskirk-based Lake Technologies has been acquired by rapidly-growing cloud technology firm Babble.
Lake Technologies has provided business telephony and network services to its customers for more than a quarter of a century, and will now be able to take offer customers Babble agile and efficient cloud-based solutions.
Since it was backed by private equity firm LDC in 2017, Babble has grown revenue rapidly to an annual turnover of £22m, 95% of which is recurring, and is on track to deliver on a revenue target of £100m.
Matt Parker, CEO at Babble, said: “This is another step on Babble’s rapidly accelerating ride towards £100m as we seek further acquisitions in partnership with LDC. I am delighted to have acquired another high-quality business in Lake Technologies.
"Both businesses have a focus on improving productivity and increasing customer engagement and organisational resilience whilst reducing costs, to deliver a rapid return on investment for clients.”
Since the MBO in 2017, Babble has also acquired Arden Group, Direct Response Plus, and Diva Telecom through funding provided by LDC.
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