System Dynamics buys IBM/AIB-owned firm

Trade

System Dynamics, has acquired Dun Laoghaire-based Resolution Technology, an IT resources and solutions development company jointly owned by IBM and AIB. The deal, which represents the third acquisition in the past year by System Dynamics, will boost its
headcount by 40 and its annual turnover by over €3m.

System Dynamics bought Connect Business Solutions in July 2003 and Maintenance Controller from ESBI Computing in November 2003. The company said the acquisition of Resolution Technology was part of a strategy to give it scale and accelerate growth in the corporate, government and financial services sectors.

Resolution Technology was set up in 1993 as a joint venture by AIB and IBM, initially to service and supply their own needs.  Staff numbers have grown tenfold in the eleven years to date, and it has built a client list which includes a number of high profile financial institutions. 

Its clients currently include AIB, IBM and Ark Life.  Tony McGuire, managing director of System Dynamics said, ‘Resolution Technology has a strong reputation in service and software solutions, and as such fits perfectly with our business model.  In the current market, consolidation is vital and while we will continue to grow organically, acquisitions remain essential to achieve the scale which enables us to compete at the very highest level in Ireland’s ICT market’.

Peter O’Neill, chairman of Resolution Technologies commented ‘We see great synergies between System Dynamics and Resolution Technology that create a solid base for continued success. This is an excellent deal for us and will create significant opportunities for us to grow and develop our business further.’

20/09/04

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