Maxima turns to M&A veteran after sale talks go stale
Managed services firm hires Ian Smith as non-exec director
Maxima has hired buy-and-build specialist Ian Smith as a non-exec director in the wake of its failed attempt to sell the business.
The London Stock Exchange listed managed services provider last week revealed that it had been unable to thrash out a deal with several interested suitors and that the offer period had lapsed.
The firm notified the market today that Smith – a director at MXC Capital, Redstone and Accumuli – has joined the board to help the bosses determine the future of Maxima.
"His knowledge and experience will be a valuable asset through the process of completing our strategic review and beyond," said Maxima chairman Kelvin Harrison.
Smith has carved a reputation of restructuring, buying, building and selling channel businesses in the UK including Matrix and Xploite. He has concluded 26 corporate transactions during a career spanning two decades.
Since pitching up at Redstone around a year ago, he has sold off elements of the operation – the reseller business in Ireland, the BSF unit and the security business in the UK – helping to cut the losses at the networking integrator.
A similar process at Maxima would appear to be a clear possibility, with the group broken up and flogged off. Maxima currently has a managed services/ hosting business; proprietary software; and a Microsoft, SAP and Oracle reselling operation. ®