The corporate team at Farleys Solicitors have recently advised on the successful acquisition of CompanyNet Limited, by Core Technology Systems (Core).
Core is a market leading, independent Cloud Managed Services Provider, delivering IT infrastructure support, managed services, and digital transformation solutions to its private and public sector customers.
The strategic acquisition of CompanyNet strengthens Core’s technical capability and provides geographic expansion into Scotland with 25 employees and offices in Edinburgh and Glasgow included in the acquisition. The acquisition results in even greater value and additional service and project delivery capabilities for customers of both companies.
CEO of Core, Conor Callanan, commented, “We are delighted to complete the acquisition of CompanyNet, a highly skilled and customer-centric company whose values align to ours. We are focused on developing capability and excellent levels of service for our customers, and this acquisition means greater project management capability in addition to more managed services resources. We have developed long-lasting relationships with our customers and partners because they trust in our delivery of service and excellence, and this expansion provides opportunity for us to add more value to our existing and new customers.”
Andy Hamilton, CompanyNet CEO commented, “We are pleased to confirm Core as our partner of choice, demonstrating the experience, values and expertise that ensures our business remains in excellent hands. As well as fitting with the broader CompanyNet strategy, we are delighted to have culture and values that align, and we are confident this agreement represents the best interests of our employees, customers, and partners, providing great opportunities for both parties.”
Debbie King of Farleys’ corporate team provided legal advice on the deal, supported by Amy Duncan. Debbie commented, “This is an excellent deal between two firms that fit together perfectly in terms of their capability and expertise, with an exciting prospect going forward for both existing and new customers.
“It has been a pleasure to advise on this transaction and we look forward to seeing the company continue to go from strength to strength.”
The financial aspects of the transaction were advised by Pierce Chartered Accountants, led by Kevin Steven and Steven Bell. Steven commented, “Having been engaged to advise Core on the financial aspects of the transaction, we gained a detailed understanding of the structure of the acquisition and how CompanyNet fits into the long-term growth strategy of Core. It is clear that the acquisition will continue to deliver significant synergies to the enlarged group. We will watch the ongoing development with interest as the business develops further.”
The acquisition was completed with a funding package from ThinCats, and with support from leading M&A platform for mid-market transactions in the technology industry, Danescor.
Stuart Thompson, Head of Transitional Capital, ThinCats, commented, “We are thrilled to have supported Core with this acquisition. CompanyNet is a perfect fit and will enable the business to expand its proposition and reach even more customers across the UK. It has been a pleasure working with Conor and the Core expert team, and we are looking forward to seeing their continued growth.”
John Snead, Danescor CEO, commented, “We were delighted to support Core on their M&A transaction, assisting with strategic target identification through to valuation, negotiation and completion.”