Stockport IT company looks south for seven-figure acquisition

North West IT company Vodat Communications Group has acquired Axonex Limited, an IT business based in Cheltenham.

Stockport firm Vodat, backed by investors Maven Capital Partners and HSBC bank, supplies private managed IT networks for the UK’s retail, hospitality and leisure sectors.

It is hoped the deal will create a combined group with an enhanced solution to benefit both customer bases and set up a platform for organic growth.

Following the acquisition, both Vodat and Axonex will continue to operate from their existing premises.

Axonex’s three director shareholders will remain with the company and become shareholders in the combined group.

Vodat managing director Neil Poultney said: “Like Vodat, Axonex have an excellent reputation with customer service at the heart of everything they do.

“Their skills and capabilities are complementary to Vodat’s, so both sets of clients will benefit from a more comprehensive solution set.”

He added: “The enlarged group will also be better placed to win new business through an extended offering.”

The managing director of Axonex, Andy Peters-Smith, commented: “These are very exciting times for Axonex. There are clearly synergies for both companies which can only enhance the services for our customers.

“The last 12 months has seen us double our headcount and move to new offices.”

He continued: “We have experienced significant growth during this period, with revenues increasing by 68%. Vodat Group’s combined resources and extended skill set will position Axonex for the next phase of its growth.”

The shareholders of Vodat were advised on the acquisition by a team from advisory firm RSM. Law firm Ward Hadaway led on the legal aspects of the deal, while HSBC provided a seven-figure funding package to support the transaction.

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