Daisy makes second swoop in a week
DAISY Group, the telecoms and data services provider to businesses, has bought the assets of the Telinet and Ipitomi businesses in a deal worth a combined £15.4m in cash.
Both businesses were bought from London-based technology firm Niu Solutions Holding Ltd.
The businesses provide data, telecoms and hosting services to mid-market corporate customers and in an eight-month period to August 31, 2010 they achieved revenues of £15.8m and gross profits of £4.6m.
Nelson-based Daisy is paying £12.4m in cash on completion, with the remaining £3m deferred for up to two years. It said that it expects both businesses to be earnings-enhancing in the year to March 2012 and to boost its data and engineering capability.
Daisy Group chief executive officer Matthew Riley said: “This deal will further strengthen Daisy’s position as a leading provider of unified communications to the mid-market.
“The acquired businesses are well-established and recognised as key competitors in the data solutions and managed services market.
“Furthermore, we also see a great opportunity to cross-sell Daisy Group’s mobile product set into this new base and provide these customers with a full, unified communications offering.
“This is further evidence of Daisy Group’s ambition to consolidate the fragmented reseller market and I believe we now have a very strong presence in the corporate mid-market space.”
Last Thursday, Daisy announced that it had bought the Vodafone mobile services business of Bury-based mobile and data hosting firm Outsourcery in a deal worth £12m. Law firm Eversheds advised on both deals.
