Tquila

What Tquila does

Tquila is a London-based technology venture-building firm founded in 2010 by James McHugh that scales technology services businesses through two complementary models. The first is a Build-Operate-Transfer (BOT) joint venture structure, in which Tquila partners with large consulting firms and software vendors to build, operate, and then transfer a dedicated technology services business within a defined timeframe, offering the speed of inorganic growth without the cost and execution risk of traditional M&A. The second is early-stage investment in pre-Series A technology services start-ups, providing equity capital alongside coaching, board participation, operational support, and access to joint go-to-market initiatives with other portfolio companies. The firm's domain focus is concentrated in the Salesforce, Microsoft, ServiceNow, Pega, and UiPath ecosystems.

The active portfolio comprises Brumby Systems (Pega implementation), Tquila Automation (UiPath RPA, including a recent US healthcare automation add-on), PM Dragonfly (Google Marketing Platform), Synvert TCM (data engineering and analytics), AoraNow (pure-play ServiceNow partner in Japan), PS Hummingbird (AI solutions on Microsoft), and v4c.ai (Databricks data and AI services). Former portfolio companies include i7, a European Salesforce JV acquired in 2020 by a large technology partner and grown more than 3x post-acquisition, and Circlace, a Japanese Salesforce JV that IPO'd on the Tokyo Stock Exchange in 2022.

Tquila generates returns through a combination of management fees and carried interest on its $60 million Paloma Fund (first close 2025), equity appreciation and exits from portfolio holdings, and value created through the BOT joint ventures. Its core assets are its leadership network — the founding team averages 20-32 years of experience across technology consulting, M&A, recruitment, and asset management — and its long-standing relationships with major software vendors and private equity firms, which together provide deal flow, co-investment, and exit channels. The firm does not develop proprietary technology and is not a product or SaaS business; it is a specialist investor and operator in the technology services sector.

Name

Tquila

Legal name

Tquila

Website

https://tquila.com

Company type

Private

Founded year

2010

Operating status

Operating

Headcount range

101–250 employees

Short description

Tquila is a London-based technology venture-building firm founded in 2010 that scales technology services businesses through Build-Operate-Transfer joint ventures and early-stage investments across the Salesforce, Microsoft, ServiceNow, Pega, and UiPath ecosystems.

Ownership category

akta.pro rank

Product category

Technology Venture Building

NAICS

Management of Companies and Enterprises (5511), Other Financial Vehicles (52599)

SIC

Security Brokers, Dealers & Flotation Companies (6211)

akta.pro primary industry

Roll-Up / Buy-and-Build ETA (FSANALAF)

akta.pro secondary industries

Venture Capital Fundraising Placement (FSAEALAC), Corporate Innovation & Technology Scouting Units (with investment mandate) (FSANAHAI), Captive/Global In-House Center (GIC) Setup & Managed Services (BPAEAMAK)

Keywords

• Venture building services
• Technology services investment
• Build operate transfer
• Early stage investing
• Joint venture development

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Others

Revenue model

1. Portfolio Company Exits: Tquila generates returns through successful exits of portfolio companies. They have a track record of achieving exits including the i7 acquisition (2020) and Circlace IPO (Tokyo Stock Exchange). The Build-Operate-Transfer model creates acquisition triggers at pre-agreed milestones.
2. Management Fees and Carried Interest: Tquila earns management fees and carried interest from The Paloma Fund ($60M fund vehicle) and potentially from Build-Operate-Transfer joint ventures with corporate partners.

Go-to-market motion1 record

Distribution channels4 records

Marketing channels4 records

Core offering

Tquila is a privately-held technology venture-building firm that creates, scales, and exits technology services businesses. It operates through two primary models: Build-Operate-Transfer (BOT) joint ventures with corporate partners, where it builds a delivery operation and transfers ownership at an agreed exit, and pre-Series A investments in technology services start-ups focused on Salesforce, Microsoft, ServiceNow, Pega, and UIPath ecosystems. The firm also manages The Paloma Fund, a $60 million vehicle targeting European and U.S. tech services companies.

Product overview

Tquila is a technology venture-building firm that operates through two primary service offerings: Build Operate Transfer joint ventures for business services firms and software vendors seeking to expand their technology services practice, and Early Stage Investments for pre-Series A technology services start-ups. The portfolio consists of portfolio companies including Brumby Systems (Pega implementation), Tquila Automation (UiPath RPA consultancy), PM Dragonfly (Google Technology), Synvert TCM (data optimisation), AoraNow (ServiceNow Japan), and PS Hummingbird (Microsoft AI solutions). Former portfolio companies include i7 (Salesforce consulting, acquired 2020) and Circlace (Salesforce Japan, IPOed 2022). The Paloma Fund is a $60M investment vehicle launched by Tquila.

Differentiator

Problem solved

Functional benefit

Brands

• The Paloma Fund: A $60 million fund vehicle launched by Tquila to enable investors to access the company's venture-building expertise.

Products and services

• Build-Operate-Transfer Joint Ventures
• Early-Stage Technology Services Investments
• The Paloma Fund

Quantifiable outcome

• 100 FTE built in 2 years for i7 joint venture
• +3 more outcomes

Segments5 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Three partnerships are on record, tiered core and minor.

• CirclacecoreStrategic or Co-development Partner · 1 January 2022Circlace was established as a joint venture between Salesforce, Tquila, and Pasona (large Asian resourcing company) to build a Salesforce ecosystem in Japan. Tquila provided initial start-up capital, technology transfer in early years, and a board seat contributing recruitment, technology strategy, and investor relations advisory. Circlace IPO'd on Tokyo Stock Exchange in 2022 with market cap of US$28m. Today Circlace is a Salesforce-focused consulting company with proprietary products.
• i7 (Salesforce Joint Venture)coreStrategic or Co-development Partner · 1 January 2017Tquila established i7 as a Build-Operate-Transfer joint venture in late 2017 with a large technology consulting business that was underweight in Salesforce capability in Europe. The business offered Salesforce services to enable digital transformation for large companies. i7 was acquired in its entirety by the technology company in 2020, growing more than 3x post acquisition. At sale: 100 headcount, £1m monthly revenue.
• PasonaminorStrategic or Co-development Partner · 1 January 2017Large Asian resourcing company partnered with Tquila and Salesforce to establish Circlace, the Salesforce joint venture in Japan.

Scale indicators4 records

Recent moves10 records

Expansion highlights5 records

Direct peers

• K2 Partnering Solutions: Global technology talent and staffing firm also founded by Tquila founder James McHugh (1997). Direct antecedent: same founder DNA, overlapping IT-services network, and the talent pipeline that underpins Tquila's BOT build-outs.

Broad incumbents

• Hg Capital: Large European PE firm with a long-running focus on technology and tech-enabled services roll-ups (Salesforce/ServiceNow/Snowflake partner ecosystems). Comparable as a competitor for vendor-aligned service assets, but at vastly larger AUM.
• Bridgepoint: European mid-market PE with active tech-services and IT-consulting portfolio. Comparable as a competing acquirer for Tquila's portfolio companies on exit, especially in UK/EMEA.
• EQT Partners: Global PE with strong vertical software and tech-services franchises. Comparable as an incumbent acquirer of mid-sized IT-services platforms and as a benchmark for valuation in the space.
• Riverside Company: Global mid-market PE with one of the most active tech-services and Salesforce/ServiceNow-ecosystem roll-up programs. Closest strategic analog to Tquila's BOT-style build-and-exit at much larger scale.
• Astorg: European mid-market PE with deep enterprise-software and IT-services book. Comparable as a competing bidder for vendor-aligned services assets in EMEA.
• CVC Capital Partners: Global PE with significant European tech-services and business-services holdings. Comparable as an incumbent strategic acquirer competing for Tquila's eventual portfolio exits.

Emerging players

• MMC Ventures: UK-based early/growth-stage VC investing in enterprise software and B2B SaaS. Comparable as a UK alternative for early-stage IT-services founders and a candidate for portfolio co-investment or follow-on.
• Dawn Capital: UK VC specialising in B2B enterprise software. Adjacent to Tquila's portfolio strategy: many Dawn-backed SaaS vendors are natural customers/ecosystems for Tquila's service-builds.
• Notion Capital: European VC focused on B2B SaaS and cloud-services. Comparable as a UK-based alternative for early-stage SaaS founders that may also become ecosystem targets for Tquila's BOT ventures.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Subsidiaries6 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments2 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Tquila