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TSG acquires Croft Technology

Microscope contributor

Acquisitive Sage house Technology Services Group has acquired fellow Tyneside-based firm Croft Technology for an undisclosed sum and is planning to make additional purchases. 


This is the twenty third acquisition made by TSG since ex-Sage boss Graham Wylie set it up in October 2003 and will underpin a new division to be named Technology Enterprise Solutions offering IT, cabling and telecommunications.


"It will provide us with the skills and capabilities to extend the product and services range currently offered by TSG in corporate areas such as telephony, unified comms, large scale wireless deployments, structured cabling and virtualisation solutions," said TSG CEO David Stonehouse.


The 90 staff employed by Croft in Newcastle and Hertfordshire will transfer to TSG taking the total workforce to 460, covering SME customers nationwide.


Croft was incorporated in 1970 as Easy and Best Computer Services but changed the brand to the one it currently uses in 1990. Last filed results for the year to 31 December 2008 revealed sales of £6.2m and retained losses of £119,000.


The results at TSG have caused some concern among credit providers and insurers in the channel; in the year to 31 October 2005, 2006 and 2007 it made a respective operating loss of £9.9m, £7m and £3.1m.


Company accounts for 2008 were due to be filed in August last year but are late.


In the statement TSG added "following the acquisition of Croft Technology, TSG intends to continue its expansion plans with further acquisitions across the UK."


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