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CTI Group acquires app developer Silverchip

CTI Group acquires Silverchip

CTI Group has launched into the mobile space with the acquisition of app development agency Silverchip.

It’s the first acquisition CTI has made since securing a £25m investment from private equity firm LDC earlier this year. The precise terms of the deal have not been disclosed, however CTI founder and CEO Nick Rhind revealed exclusively to Prolific North that Silverchip would be the recipients of a “seven-figure” sum.

Manchester-headquartered CTI says that the acquisition of Silverchip, winner of Best Use of Technology and App of the Year at the Digital City Awards 2022, will “enhance its full service offering in providing leading edge mobile app competency to current and future clients”.

Co-founded in 2010 by Liam Bateman and Jamie McMullan, Silverchip now works with clients including England Squash, Nifty, Boundary Outlet, 87% and Suits Me. 

It has a total headcount of 24 and last year moved to a new headquarters off Sackville Street in Manchester city centre.

The team at Manchester app firm Silverchip

Rhind said: “This deal was all about acquiring great talent from the get-go and enabling CTI to become a significant player in the mobile space. We’re excited to bring a first-class mobile offering to both our existing and new customers and to continue to invest and develop the Group’s mobile capabilities. 

“Our leadership teams share a passion for our customers and embracing future technologies. With the addition of Silverchip, we are on an accelerated path to achieve our goals for the group within the next three to five years.”

Silverchip CTO Liam Bateman and MD Jamie McMullan said: “For us, Silverchip is more than just a business. It has been and remains a mission to create the best working environment for our people while delivering exceptional products for our clients.

“Upon meeting Nick and CTI’s senior team, we instantly recognised a joint vision for the growth and future of our teams along with an aligned company culture that puts people first.

“We are incredibly excited for the opportunities that joining the CTI Group will bring, not only for our employees but also for our clients, who will be able to access the full range of Group services whilst continuing to receive the technological excellence Silverchip are known for.” 

CTI has been on a highly acquisitive trail in recent years, and Silverchip is the company’s sixth deal in three years. Other purchases have included Worship, Mosquito Digital and Stardotstar.

Prior to the Silverchip deal it employed 175 staff in Manchester and Lancaster, and last year recorded revenues of £18m.

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