London IT specialist to acquire Scottish counterpart with funding from SME lender

ThinCats, the alternative provider to SMEs, has provided a significant funding package to support London based IT managed service provider Core Technology Systems with the acquisition of Scotland based MSP CompanyNet Limited.

Core is an independent end-to-end Cloud Managed Services Provider, delivering IT infrastructure support, managed services, and digital transformation solutions to its private and public sector customers.

The 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. This purchase will result in “even greater value” and additional service and project delivery capabilities for customers of both companies.

Conor Callanan, CEO, Core Technology Systems, 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 capability and additional resources.

“We have developed long-lasting relationships with our customers and partners because they trust in our delivery of service excellence, and this expansion provides an opportunity for us to add more value to our existing and new customers.”

Stuart Thompson, head of transitional capital, ThinCats, added: “CompanyNet is a perfect fit and will enable Core to expand its proposition and reach even more customers across the UK. It has been a pleasure working with Conor and Core’s expert team, and we are looking forward to seeing their continued growth.”

Andy Hamilton, CEO, CompanyNet, concluded: “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.”

Funding for the acquisitions was provided by ThinCats (Stuart Thompson). Corporate finance and debt advisory services were provided to Core by Danescor (John Snead).

By Matthew Neville – Correspondent, Bdaily

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