UBDS Group secures investment from LDC for expansion

UBDS Group has secured investment from LDC, the private equity arm of Lloyds Banking Group.

The London-based technology consultancy said the funding will support its growth plans, including expansion through acquisitions and into new geographies. Founded in 2019 by Diptesh Patel, UBDS also has offices in Manchester and Bengaluru.

The company employs about 300 people and works across digital lifecycle services, cloud adoption, cybersecurity, data and artificial intelligence. It serves both public- and private-sector clients.

UBDS has grown quickly in recent years. Headcount has increased fivefold since 2022, while revenue has risen by almost 150% over the past three years.

That growth included two acquisitions in 2024: Rayo, an AWS consultancy, and 3B Data Security, a cybersecurity services business.

LDC is backing the management team led by Chief Executive Officer Alex Gore. The senior team also includes Chief Financial Officer Kevin Wheeler, Group Chief Client Officer Sam Pillai, Group Chief Solution Architect Paul Collins, Group Chief Technology Officer Matt Johnson and Group Chief People Officer Emma Durkin.

According to LDC, the management team has been in place for more than four years. Over that period, the business has scaled and developed its operations.

As part of the transaction, founder Diptesh Patel will move into a Non-Executive Director role. Peter Sweetbaum has been appointed Chair, while LDC Partner and Head of South Aylesh Patel and Partner Chris Baker will join the board as Non-Executive Directors.

Growth plans

UBDS said it plans to continue growing both organically and through acquisitions. It is looking to add adjacent services and expand into more markets.

Commenting on the deal, the company pointed to demand from organisations managing digital change and security requirements. Those trends have supported recent expansion in consulting and related services.

"We're proud to have built a business that's trusted by some of the largest organisations in the public and private sectors thanks to our dedication to client outcomes, security and reliability. With LDC's support and technology sector experience, we're confident we can accelerate our organic growth and pursue targeted acquisitions to add real capability. We're looking forward to working together," said Alex Gore, Chief Executive Officer of UBDS Group.

Diptesh Patel, Founder of UBDS Group, described the transaction as the next stage in the company's development.

"We have built something remarkable at UBDS, and we are only getting started. In Aylesh and the wider LDC team we have found a partner who shares our long-term outlook and understands the dynamics of the markets we operate in. They have a strong track record of backing ambitious, founder-led businesses and helping them scale, including through acquisition. With their support behind our team and culture, I could not be more excited about what lies ahead," said Patel.

LDC track record

LDC has been an active investor in UK technology businesses. Over the past decade, it said it has invested more than £717 million into technology companies with a combined enterprise value of £1.9 billion.

Its technology investments include Daintta, Etrading Software, i247 and Aker Systems. Those businesses operate in areas including secure environments, capital markets technology, automotive leasing services and cloud data infrastructure.

Aylesh Patel, Partner and Head of South at LDC, said LDC sees a strong platform in UBDS and its leadership team.

"UBDS Group is exactly the kind of business we're excited to back. Alex, Kevin, Sam, Paul, Matt and Emma are all highly experienced, understand the needs of their customers and have built excellent foundations. They have demonstrated consistent operational excellence, and the business is well positioned for future growth," said Patel.