London-based IT managed service provider Core Technology Systems has acquired Scottish rival CompanyNet.
CompanyNet is a cloud computing specialist based in Edinburgh and Glasgow and working across the UK for more than 25 years, with clients like Scottish Water, Wimbledon, the Walt Disney Company and the Scottish Government.
The deal strengthens Core’s technical capability and provides geographic expansion into Scotland, with 25 employees and the offices in Edinburgh and Glasgow included.
Conor Callanan, chief executive at Core Technology Systems, stated: “We are focused on developing capability and excellent levels of service for our customers, and this acquisition means greater capability and additional resources.
“We have developed long-lasting relationships with our customers and partners because they trust in our delivery of service excellence, and this expansion provides opportunity for us to add more value to our existing and new customers.”
Andy Hamilton, chief executive at CompanyNet, said: “As well as fitting with the broader CompanyNet strategy, we are delighted to have culture and values that align, and we are confident this agreement represents the best interests of our employees, customers, and partners, providing great opportunities for both parties.”
Alternative lending provider ThinCats provided a significant funding package to support the transaction.
Stuart Thompson, head of transitional capital at ThinCats, added: “CompanyNet is a perfect fit and will enable Core to expand its proposition and reach even more customers across the UK.”
Corporate finance and debt advisory services were provided to Core by Danescor.
Don't miss the latest headlines with our twice-daily newsletter - sign up here for free.
