Bailey Abbott acquires Perth-based data consultancy Lime Theory
South Australian digital advisory Bailey Abbott has further cemented its Western Australian expansion through the acquisition of Perth-based business intelligence firm Lime Theory.
Established by director Matt Neil in Perth in 2019, Lime Theory’s team of around ten professionals serve local clients on data strategy, analysis, and management solutions, with a focus on Microsoft’s Power BI platform.
The purchase follows Bailey Abbott’s recent move into the state after having previously flagged its national intentions, with further expansion to the Northern Territory and Tasmania and additional acquisitions currently on the cards.
“The addition of Lime Theory will strengthen our digital transformation and AI capabilities and help us to service the growing demand from our customers in the business intelligence space,” Bailey Abbott stated. “We’re excited about the opportunities this expansion brings and look forward to making a positive impact in Western Australia.”
Neil established Lime Theory after more than half a decade in various roles at BHP and Rio Tinto, before which he spent time at IT consultancy J&M and Deloitte. Nicholas Schafer meanwhile, Lime’s solutions lead who joined the firm from NRI-owned Veralda last year, previously worked with Bailey Abbott’s WA managing partner Glen Appleton at Telstra Purple.
“This marks the beginning of an exciting next phase for the team and unlocking huge opportunities,” Neil said of the milestone. “A huge thanks goes to all of the Lime Theory people, past and present, who’ve been part of the journey so far. I can’t wait to see where we go next.”
Buy-and-build campaign
Speaking on the deal, Bailey Abbott co-founder and CEO Thomas Carlton told local media that the consultancy had another seven or eight acquisitions lined up over the next two years, beginning with smaller businesses such as Lime Theory – which would “slot straight in” – to ensure the firm had its “playbook and everything geared up and ready.”
Carlton also revealed that the firm was currently eyeing the Northern Territory and Tasmanian markets, as, like WA, he sees the similarities to Bailey Abbott's South Australian base, “The way they do business, it’s all about trust. You can build really good relationships with your client base, and if something goes wrong they can pick up the phone and talk to the owner.”
The attraction to WA was also in part due to the parallels between the two states as to the digital consulting landscape, where most of the medium-sized local players have been acquired, says Carlton, citing Synechron’s purchase of sister consultancies Chamonix and Exposé last year along with Brennan’s move into Adelaide after picking up Nuago.
“For us, we’re conscious that we don’t want to be acquired – we want to be bringing businesses into the group,” Carlton stated. “There’s not too many that just sit at the right size at the top of the mid-tier, and that’s really what we want to go and build. Not too big, not too small, but really the right size for each of the states and to be a dominant player in that market.”
