Technology group makes its ‘biggest’ acquisition so far
TECHNOLOGY group Onyx, which has operations in Yorkshire, has acquired Knowledge IT, an ICT solutions and support firm.
Since 2000, the group, which has a site in Rotherham and is headquartered in Stockton-on-Tees, has completed five acquisitions and will exceed a turnover of £20m in 2014, a 13% increase on the previous year. However, at £10m turnover, the purchase of Knowledge IT is the biggest acquisition so far, boosting Onyx’s run rate revenue to over £30m and increasing headcount to 170.
Onyx has ambitious plans to become a £100m revenue IT infrastructure and services business in the next five years.
The group said this latest acquisition will increase consultancy resource and further strengthen its abilities to offer managed services throughout Yorkshire.
Neil Stephenson, CEO of Onyx Group, said: “Increasingly over the past two years, customers have been asking us to manage their entire IT infrastructure, as well as providing resilient solutions to complex cloud and hosting requirements. The Knowledge IT team has a great reputation for delivering these services and this deal will make the Onyx proposition and reach, stronger for both sets of customers.”
George Sanger, managing director of Knowledge IT, added: “Onyx Group, like Knowledge IT, has a reputation for providing outstanding customer support. We welcome the opportunity to share our expertise to help Onyx build on their achievements and grow the enlarged business.”
Deloitte provided corporate finance advice and financial and tax due diligence services to Onyx on the acquisition.
