Digital transformation consultancy snapped up in multimillion-pound deal – Insider Media

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A Cardiff-based digital and cloud-based transformation consultancy has been acquired in a deal worth more than £13m.
RedCortex, founded in 2016 by Martyn Mathews and Martin Britton, is a technology services supplier to the Welsh public sector, particularly focused on healthcare and transport alongside government and local authority projects in the region.
Clients include NHS Wales, the Welsh Government, Transport for Wales and a number of local authorities as well as other public sector institutions outside of Wales.
The business has been acquired by TPXimpact Holdings, a technology-enabled services company focused on digital transformation.
Martyn Mathews and Martin Britton said: “We're proud to become part of a highly successful organisation such as TPXimpact, where not only our technology aligns, but more importantly our visions and values.
“From RedCortex's beginning, we have strived to create a team that delivers tangible change for our clients, providing value and excellence in everything we do. Our responsibility to be a force for good in society remains uppermost in our vision and objectives.
“TPXimpact bears the hallmarks of a progressive organisation, where achieving success in both business and purpose are equally important. We are delighted to be part of the team. “
The total consideration for the acquisition is £13.35m, with £6.35m being satisfied in cash and £7m being satisfied through the issue and allotment of shares in TPXimpact.
Neal Gandhi, chief executive of TPXimpact, said: “Bringing RedCortex's extensive experience across the healthcare, transport, education and local authority sectors into TPX enhances even further our ability to continue delivering impactful change.
“RedCortex's apprenticeship programme is a very exciting addition to our long-term HR strategy and contributes towards our ESG vision of kickstarting digital careers.
“While we have an existing presence in Wales through our acquisition of Arthurly, the addition of RedCortex to TPXimpact will consolidate our position in what is a very attractive market for digital transformation, allowing us to bid for larger government contracts and continue delivering strong organic growth.”
Lexington Corporate Finance acted as lead adviser to the RedCortex shareholders. Capital Law provided legal advice.
Lexington Corporate Finance / RedCortex / TPXimpact /
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