Second acquisition for Esteem Systems
IT infrastructure provider Esteem Systems has bought SiRViS in a deal which will see the creation of a new combined company employing more than 200 people.
SiRViS is the second acquisition of the year for Wetherby-based Esteem which also bought Oracle services provider MIDAS IT Solutions in May.
Esteem is an IT infrastructure management provider with clients including BT, Balfour Beatty and North Tees and Hartlepool NHS Trust.
Joe Connolly, chief executive at Esteem Systems, said: “Our aim this year is to grow Esteem to a thriving £60m business both organically and through acquisition, despite difficult market conditions, so the acquisition of SiRViS is an important part of this strategy.
“SiRViS will complement our specialised managed services portfolio with its reputable outsourced customer and IT service capabilities and doubles the size of our
business to 230 employees. We look forward to welcoming the SiRViS team to the Esteem group.”
Esteem was advised on the deal by the corporate team at law firm Cobbetts in Leeds with finance provided by Primary Capital and Lloyds TSB.
Guy Jackson, corporate partner at Cobbetts, said: “For Esteem, the acquisition of Sirvis will enable the company to develop its offering into the outsourced customer services and IT services sectors, which have experienced rapid growth in recent months as businesses look to reduce costs and improve operational flexibility.
“The deal illustrates that the banks and equity houses are in the market to support first class management teams and businesses with solid growth prospects.”
SiRViS provides IT services across Europe and trades as Linetex and ATM which will continue to be managed as a separate division by its existing management team.
