Calyx makes its move into the UK market
Calyx has bought ITS Technology Services, a UK-based voice and data networks firm, its third acquisition over the past four months and its first in Britain.
Calyx paid £2.5m (€3.68m) for the company, £1.88m of which is to be paid in cash with another £120,000 in shares. An additional £500,000 will be paid six months from the date of the acquisition if ITS reaches agreed revenue targets.
ITS provides voice and data services to the healthcare, publishing, emergency services and government market. Its clients include Associated Newspapers and the Gwent Healthcare NHS Trust.
"It has always been our stated intention, from the time of our IPO, to launch and develop in the UK market and the acquisition of ITS provides the ideal springboard from which to do this," said Maurice Healy, chief executive of Calyx, in a statement.
There will be no redundancies as a result of the acquisition and Calyx expects further growth as it expands its operations in the UK. Kieran Archer, the managing director of ITS and Andy McCathie, the sales director, will both remain with the enlarged company.
This is the third acquisition made by Calyx in recent months. Last week, Calyx acquired QCL, the Cork-based IT product and services company for €1.28m.
In July it acquired Convergent for €600,000 in cash. Convergent delivers professional services, including consultancy, project management, installation, and support of voice and data products to a range of business sectors. Convergent's clients include Citigroup, One Direct, American Holidays, Accenture and Norfolkline.
The acquisition was funded by the €10m Calyx raised from its float on London's AIM (Alternative Investment Market). At the time of launching on the UK-based equity market Calyx said it had earmarked part of the €10m to fund the expansion of its operations primarily through acquisitions in the UK and Ireland.
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