Peapod bought out of administration

IT consultancy/distie Peapod announced today that it has been bought out of administration by Communication Technology Investment Ltd (CTIL). Financial terms of the deal were not disclosed.

CTIL is part of Global Emerging Markets Ltd, a group which operates other IT and security-related businesses as well as firms involved in agriculture and heavy industry-related businesses. The investment in Peapod is part of GEM's strategy to invest more heavily in the IT security sector.

In a statement Rakesh Gandhi, a partner at CTIL, said it was looking to working with Peapod's existing management team in its goal of making one of the country's best IT security providers.

Peapod said that it was able to trade successfully through its adminstration period and said that the acquisition marks a return to "business as usual" for its customers and partners.

High profile security consultancy/distie Peapod has went into administration in October after attempts by parent company e-initiative to expand into Europe ran aground. At the time, administrators Numerica told us it was confident of securing a rapid sale - a prediction that has now come to pass, albeit from a slightly unlikely quarter.

Eight people - including one director - were made redundant in October but 40 core staff remained on board and the company traded normally through administration. ®