Acquisition by Pictet ushers in next period of growth for TSG

Pictet Alternative Advisors, the alternative investment business of the Geneva- headquartered Pictet Group, has acquired managed IT services provider Technology Services Group (TSG) from founder owners Sir Graham Wylie and David Stonehouse.

This is the second investment in the UK by Pictet’s direct private equity team, following its acquisition of facilities management business Pareto FM in November 2023.

Based in Newcastle and with offices in London and Glasgow, TSG is a fully accredited Microsoft Solutions Partner specialising in delivering IT solutions within the Microsoft software ecosystem and helping businesses transition to a cloud-based IT infrastructure. It has more than 250 full-time staff and 1,300 clients across the UK.

Andrzej Sokolowski, Head of UK for Direct Private Equity at Pictet, said: “TSG has an attractive and defensible business model, a high proportion of recurring revenue and customers who value its service quality and technical expertise across the Microsoft tech stack. We see significant potential to increase TSG’s growth organically and via M&A. That includes solution areas in Azure, Dynamics and cybersecurity, as well as accelerating deployment of AI tools.”

Rory McKeand, CEO of TSG, said: “Pictet’s investment and hands-on partnership will catalyse the next stage of our growth. With the penetration of cloud services among UK SMEs increasing rapidly from a low base, and a new powerful generation of Microsoft productivity tools becoming available, there’s ongoing demand for our services across a large addressable market.”