Novosco acquired by Cancom Group for £70m
23 October 2019 | 0
Belfast-based IT service provider, Novosco, has been acquired by Cancom Group for £70 million.
The acquisition is part of the Munich-based IT solutions providers bid to expand into UK and Irish markets. The company has a market presence in Germany, Austria, Switzerland, Belgium, Slovakia, UK and US and employs 3,500 people.
Novosco was founded by Northern Irish entrepreneurs Patrick McAliskey and John Lennon. The company has offices in Belfast, Dublin and Daresbury and employs 300 people.
Lennon, co-founder and sales director, will become join Martin Hess as co-managing director of Cancom UK. While Patrick McAliskey, Novosco’s current MD, will continue to be a shareholder of and advisor to Cancom UK.
McAliskey and Lennon said that the deal is a perfect fit for both companies: “This is a hugely positive and exciting development for Novosco, our people, our customers and the communities in which we operate, bringing together two companies with very complementary expertise and very similar cultures, ambitions and outlooks.
“Cancom is a world-class business with a global reach that sees the addition of Novosco’s people, expertise and customer-base as a core part of its strategy for growth. The combined specialisms, resources and skills of the two businesses creates a very strong platform from which to further enhance the service we provide to our existing clients and to challenge for new and exciting contracts.”
The acquisition will expand Cancom’s managed services capacities and bring a new pool of highly qualified people into its business. “Novosco’s product portfolio extends our capabilities tremendously and the customers we serve complement each other perfectly. Virtually all Novosco customers have no business connection to us yet,” said Thomas Volk, CEO, Cancom.
“In addition, the transaction gives us direct market access in Ireland for the first time, and around 300 specialist staff and a highly profitable business will join Cancom.”