Corporate team provides 365 service
Moore Blatch’s corporate team has recently completed the acquisition by 365 iT plc of 5i Limited, a leading provider of unified communications (UC) solutions, based in Reading.
This acquisition brings into the 365 iT group one of Cisco’s leading UK partners in UC, enabling the group to address a growing market demand created by new emerging technologies and the significant shortage of skills in these areas.
Announcing the deal, Peter MacLean, 365 iT’s chairman and chief executive, said “This is the next step in the evolution of our service portfolio and sees us entering a new phase in 365 iT’s development as we continue our ambitious growth and acquisition strategy. The deal enables 365 iT to focus on its core strengths and to deliver UC services and solutions to a growing number of UK businesses including our existing substantial customer base.”
Peter Howells, 5i’s managing director, said “Becoming part of an ambitious IT services group was a natural progression for our business and it fits with our strategy for continued growth both in terms of profitable revenues and the extended services our partners and their customers demand.”
The acquisition of 5i was funded by a debt package arranged by The Royal Bank of Scotland’s structured debt solutions team coupled with new equity. Peter MacLean commented “Raising the debt finance to complete this acquisition was challenging but as the end result has shown, not impossible.”
Roger Bailey, corporate partner at Moore Blatch, who led a team of seven on the transaction said “Despite the current economic climate, this deal shows that with a willing buyer and a willing seller, the right deal structure together with pragmatism and commerciality on the part of the leading advisers, it is still possible to complete deals successfully. Whilst the deal was both complex and time-consuming, it was a pleasure to work with 365 iT again following its previous acquisitions of Secure Networks UK Limited and Dynax Systems Limited and we look forward to working with the group in the future.”
For further information, please contact Roger Bailey at Moore Blatch LLP on +44 (0)23 8071 8000; email roger.bailey@mooreblatch.com.