Vouchercloud back in the hands of Bristol founders
Cloud Savings Company Limited has acquired IDL, owners of Vouchercloud and Giftcloud, following a management buy-out from the Vodafone Group.
This deal has placed the company back in the hands of its original Bristol founders, Scott Davidson and Greg Le Tocq.
Vouchercloud, based near Wapping Wharf, is one of the UK’s leading voucher platforms, having revolutionised the marketplace with the launch of Europe’s first voucher app in 2010.
Its sister company Giftcloud launched in 2014 as Europe’s first entirely digital gifting app and website, allowing users instant access to digital gift cards while also providing businesses with a fully digital rewards and loyalty solution.
Scott Davidson, Chairman of Cloud Savings Company Limited, said “The deal represents a new era of independence for the business and unlimited opportunity for further growth”.
“From the outset in 2010, our mission has been to make the lives of consumers easier with innovative digital solutions, which we have succeeded in with our first-to-market Vouchercloud and Giftcloud apps. 2017 has been an incredible year for both brands and the support from Vodafone has been important in getting us to this stage.
“We’re excited to be starting the next stage of our growth journey in 2018 and the future is looking very bright.”
Greg Le Tocq, Founder and Director of Vouchercloud and Giftcloud added: “It’s amazing to reflect on the journey we have been on since we launched the Vouchercloud app in 2010, when we were a team of three operating from a small office in West Street, Bedminster. Now, 8 years on, we employ a team of 100 from our Harbourside base.
“Bristol has been fundamental to this journey with both brands being born here. All Directors of the business have an affinity with Bristol and the South West and we’re proud to operate from the city”.
The transaction was funded by a debt facility from Perwyn LLP. Terms of the deal were not disclosed.