16 jobs have been saved with the purchase of Gather by Raman Power. The deal was overseen by ReSolve, which undertook an accelerated merger and acquisition process to rescue Gather – which had struggled since the Covid-19 pandemic.
Raman Power Technologies is a company which provides an attack surface management platform that helps to keep clients’ infrastructure secure from cyber threats. This includes critical power, cyber security and IT equipment and management solutions.
The Covid-19 pandemic saw demand for cyber security services spike, as many companies endured heightened levels of cyber-attacks. With many firms having rushed digital platforms out to enable working from home, they found themselves increasingly exposed to crime, and sought out help from professional services firms like Raman.
At the same time, this disruption had the opposite impact on Gather – a data services provider with proprietary technology and a strong enterprise customer base. Family-owned for over 50 years, its platforms are used globally for customer acquisition and data. Designed for GDPR compliance, security and scale, Gather’s offerings generate sticky, annually recurring revenues with proven account growth and cross-selling opportunities.
The pandemic caused significant disruption to the business as the country went into lockdown and all face-to-face events ceased, leading to a significant drop in revenue generated via Gather’s events services software. The company subsequently struggled to make up for lost momentum, with the global events and exhibition industries not expected to return to pre-pandemic levels until 2023. This led to a significant fall in revenue, and despite the company’s work to diversify its product offerings, by the summer of 2022, Gather needed urgent investment to cover working capital.
ReSolve, a boutique business advisory, restructuring and investment practice, connected the two firms to ensure a brighter future for both. The sale of Gather to Raman Power’s Raman Microtech preserved all 16 of its jobs.
Surendra Patel, Director of Raman Microtech, commented, “Gather is a fantastic business with a very strong customer base and sustainable, scalable business model. We are delighted to welcome them to the fold and we are looking forward to a bright future with Gather under the ownership of Raman Microtech.”
ReSolve worked since October 2022 to lead an accelerated merger and acquisition process to rescue the company or find a purchaser for the business. ReSolve marketed the company as widely as possible and directly approached approximately 700 parties about the opportunity.
Mark Supperstone, Senior Partner at ReSolve, commented, “Gather is a fantastic business with a very strong customer base and sustainable, scalable business model. We are delighted to have been able to work, through this accelerated process, to find Gather a great new home with Ramen Microtech, and to enable it to keep trading and, with time, to grow. We are committed to the UK’s SMEs and look forward to working with more as they attempt to get back on their feet post-pandemic.”