Merseyside tech company Jade Solutions acquired by €2.5bn-turnover Belgian firm
Mobile tech and WiFi services provider Jade Solutions has been snapped up by a European IT group.
The Newton-le-Willows-based firm is now part of Econocom, a business-to-business digital services company headquartered in Belgium.
Jade is backed by MSIF, which supported the management buyout (MBO) of the business in 2005 and provided further funding on two occasions.
The company currently employs 45 people on a turnover of around £13m.
Jade Solutions focuses on ‘rugged’ mobile technology, such as handheld and vehicle-mounted computers, in addition to designing and installing wireless networks and guest Wi-Fi systems.
Mark Brackley, managing director at Jade Solutions, said: “The opportunities now open to us as part of such a large international group are extremely exciting.
“The support and advice we have received from MSIF over the past 12 years have been key in helping us to reach this point.”
He added: “Their willingness to take a longer term view than many other equity investors has given us the chance to develop market-leading expertise in the UK, which now gives us the platform for our future growth.”
MSIF portfolio director Marion Savill commented: “Jade Solutions has built an excellent reputation with a wide range of blue chip customers during its time as an independent company, and MSIF is proud to have supported the business over that period.
“Being part of the Econocom group, and therefore working alongside similar businesses across Europe, will enable them to expand even further. It is great to know this business will continue to thrive in its future, and we wish them every success.”
Brussels Stock Exchange-listed Econocom boasts revenues of around €2.5bn.
Jade Solutions’ shareholders were advised in the deal, completed for an undisclosed sum, by Craig Scott of local Liverpool law firm Hill Dickinson.