PwC, acting as administrators, has sold the managed service provider division of CTS Group to Bluecube Cyber Security Solutions, following the catastrophic cybersecurity breach in November that prevented customers from accessing their core systems and data. iManage partner Tiger Eye, which maintained its own P&L and was not part of the administration, has now separated from CTS entirely and will operate independently going forward. It continues to be backed by Tenzing, a growth equity investor specialising in technology businesses in the UK and Europe, which has divested the other CTS businesses.
Commenting on the transition, Dave Wilson, managing director of Tiger Eye, added: “We are excited to move into the next phase of our client-centric strategy, developing new products and enhancing our trusted services. We have already had a fantastic response from our customer base following our announcement, and by achieving our ambitious objectives, we are confident that we can enhance the value we deliver to the legal sector.”
PwC announced last week that City Business Solutions UK Ltd, Converge-IT.Net Limited, Sprout Technologies Limited (together “the Group”) had gone into administration and that all business and assets, including all 140 employees, had transferred to Bluecube.
PwC said in a statement: “A cyber incident in November 2023 caused difficulties in trading with access to data severely limited for some customers. While the Group was able to successfully restore operations in full by the end of December 2023, the disruption led to financial pressures, resulting in a sale process being conducted.”
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They added: “Today’s announcement has no impact on the trading business of Tiger Eye Consulting Limited, which remains within the existing CTS Group. Sprout Technologies NZ Limited was also not included in the deal.”
Wilson confirmed to Legal IT Insider that Tiger Eye is now a separate entity, not part of CTS.
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