IntroNova snaps up IT firm for £1

PINNACLE Technology Group, the AIM-listed provider of converged technology solutions, has sold its Kettering security software firm for £1 to Manchester-based IntroNovo.

RMS Managed IT Security has been sold to IntroNovo after five years as a Pinnacle company.

Pinnacle had seen what it is calling a “steady decline” in RMS’ revenues in recent years and said there was “little or no cross-selling” of the its other products and services to RMS’ customer base which for the most part falls outside Pinnacle’s target customer base.  

In the year to 30 September 2015 the business unit generated a loss of £149,000 on revenues of £1.2m and had net liabilities of £2.2m.

Gavin Lyons, executive chairman at Pinnacle, said: “As part of our review of the business, it became apparent early on that RMS would not be core to our strategy going forward.

“We have, however, been keen to ensure an outcome which is to the benefit of all stakeholders in that business and we believe this sale achieves this.

“Our strategy remains focussed on creating a strong ‘IT as a Service’ business with a simplified organisational structure and I am pleased to be able to share the progress we are making in this respect.”