The UK’s leading engineering distributor, Troy Group, has acquired tech firm Applegate, with its online marketplace, extensive data and artificial intelligence capabilities.
The acquisition of Applegate, for an undisclosed sum, brings longstanding academic relationships with Exeter and Plymouth universities, which have supported the development of innovative machine learning technology.
Stuart Brocklehurst remains chief executive, all employees are retained and the company will remain based in Barnstaple, North Devon.
It is the fourth acquisition that Exeter-based Troy has completed this year as part of group expansion plans.
READ MORE: Exeter's Troy UK targets growth after landing £25m Santander funding
Troy Group Chief Executive, Paul Kilbride said: “Data and technology will power the future of our industry.
“As our business continues its rapid expansion, it’s vital we use great technology to support our members in delivering exceptional service to customers.
Acquiring Applegate adds to the brilliant team we already have; I’m excited about incorporating the digital marketplace into our offer and the services this will enable us to develop.”
Mr Brocklehurst said the move is a natural fit. “From the start of the conversation with Troy it’s been clear that the ethics and culture of the group made for a perfect match. The whole team are thrilled to be joining Troy and looking forward to working with our new colleagues.”
Troy was ranked at number 13 of the Top 150 of the largest business in Devon and Cornwall in the 2021 Western Morning News Annual Business Guide.
It was also named the main shirt sponsor for the Exeter Chiefs in April.
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