Onyx Group scoops up financial services IT provider

Onyx Group has bought London-based IT firm Moffat Communications for an undisclosed sum.

The managed networks and hosting outfit said the acquisition was its fourth in 18 months as the company attempts to expand its operations to become a "leading national IT provider."

Moffat, which was formerly part of Grant Thornton UK LLP, provides IT to financial services companies that specialise in hedge funds.

Onyx was keen to note a recent CBI and Price Waterhouse Coopers study that claimed the UK "is on the gradual path towards recovery with business volume expected to improve in the coming quarter."

The firm is clearly aware that the phrase "hedge funds" doesn't exactly have the same allure it had, say, two or three years ago, in the pre-recession days when Alistair Darling's eyebrows still roamed free.

Onyx said the acquisition meant the company would have a base and data centre in London as well as offices and facilities in Edinburgh, Glasgow and headquarters in North East England.

Moffat, whose customers include Deutsche Bank and Oriel Securities, currently employs 23 staff, all of whom will be thrown into the mix with Onyx's existing 100 workers. ®