Scottish digital tech firm acquired in £175m deal

Scottish digital technology services firm Incremental Group has been acquired by Spanish-owned Telefonica Tech in a deal worth up to £175m.

The Glasgow-based company operates in the data analytics market and is a Microsoft partner.

Telefonica Tech said the acquisition strengthened its capabilities and presence in IT services in the UK and Ireland.

The final value of the deal is linked to Incremental's future performance.

Incremental has achieved significant growth in recent years.

In early 2021, it acquired Redspire to expand its capabilities in the financial services market, before buying data analytics company Adatis.

It also became one of the largest Microsoft partners in the UK.

Incremental runs offices throughout the UK, and has more than 350 employees.

Current chief executive Neil Logan said: "Becoming part of Telefonica Tech propels us into the next phase of our journey and enables us to further scale the business, creating exciting opportunities for our people and our customers."