365 iT buys Fox IT

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365 iT buys Fox IT

Microscope contributor

Basingstoke-based reseller 365 iT has notched up its fifth acquisition in four years by snapping up small service management and governance specialist Fox IT.

Founded in 2005, 365 iT employs 120 staff that operate in managed services, unified comms, business continuity, data backup, security, virutalisation, storage and IT service management.

"This latest acquisition represents yet another significant step forward consolidating the group's position in the very competitive and rapidly eveloping IT services market," said Peter MacLean, 365iT chief executive.

Acquisitions finalised by 365 iT include managed services and hosting player
7 Global Group, consultancy led Cisco and Microsoft UC specialist 5i and IBM Business patner Dynax Systems.

Acquisitions added $3.97m to 365iT's £4.68m top line in the year ended 31
December 2009, while losses for the year grew to £485k.

Excluding group overheads, investments in managed services, re-org expenses and abort costs on an uncompleted acquisition, EBITDA on the tradung units was £429k.

With a head office in Woking, Fox IT employs about 30 staff and in the last
set of filed accounts for the year to 31 December 2008, posted a 3% decline in sales to £6.1m and profits of £452k compared to a loss of £755k.

This return to profit was underpinned by a restructure in 2007 that allowed it to move to smaller and less expensive facilities in 2008, and by the closure of its US subsidiary.

Paul Speers, Fox IT managing director said in a statement: "The combined forces of both companies will establish a new benchmark in the IT services sector."


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