Business comms player Daisy Group has forked out a cash consideration of up to £18m to acquire MSP Indecs Computer Services Ltd and Indecs Computers Ltd.
Indecs provides bespoke technical maintenance and support services for business critical, IT server and cloud storage facilities.
A partner of Cisco, EMC, HP, IBM and Oracle, among others, notable customers include auto parts specialist Magna, and media group News International.
With sales of £10.6m and EBITDA of £2.6m in the 12 months to 30 June 2013, Indecs claims that 80% of its sales are booked as recurring maintenance revenues. Daisy expects it will have in excess of £1.0m of net cash at completion and the balance of consideration will be funded from the Group’s existing borrowing facilities.
Daisy plans to use the Indecs business to complement its own existing professional services business.
Daisy Group CEO Matthew Riley said that Indecs represented both a strong strategic fit and a clear growth opportunity.
“Its multi-vendor specialist maintenance and support services further expand Daisy’s IT services offering and give the Group the ability to support businesses on legacy IT systems as well as those investing in cloud solutions and cloud based data storage.
“I believe this expansion of our Group’s service offering, together with the cross-selling opportunities for both Indecs and our existing customer base, enhance the Group’s ability to deliver sustained growth,” he concluded.