IT services firm acquires counterpart
Published on Monday, 05 August 2019
An IT services company with bases in Solihull and West Sussex has completed the acquisition of a London counterpart to create a group with revenues of almost £30m.
Acora has snapped up Plan-Net for an undisclosed fee.
The group will deliver services from four UK service operation centres, providing full 24/7 coverage to more than 250 clients.
Acora chief executive David Rabson said: "Plan-Net has impressed us enormously in terms of its business model, the service levels it achieves with its loyal customer base and the way it aligns with our core offerings.
"The quality of the team was also key in our decision to bring the two companies together - Great Customers and Great People, a winning formula.
"We see this as a merger with equal value for all stakeholders. It is transformational for the combined teams and the customers of Plan-Net and Acora alike."
Adrian Polley will join the Acora board as managing director of the Plan-Net business, following 25 years building the company with Jerry Cave, who will also remain as an advisor.
Polley added: "Having worked alongside Acora previously, it was clear that the benefit for our customers and staff in bringing our offerings together provided an exciting opportunity for everyone.
"The combined proposition is incredibly strong, and we can see the merged group being dominant in the mid-market as we scale further and benefit from the growth opportunities."
Acora was supported in the transaction by RSM and Stevens & Bolton, with BDO advising on deal structure, which was part funded by Barclays.