Borders-based SoConnect has acquired IT Centric, an IT and telecoms services business serving corporate clients in Edinburgh and across Central Scotland.
The acquisition will add around 80 SMEs to SoConnect’s customer base, which now totals over 500 across the UK. The combined group has a headcount of 38, supported by a nationwide network of over 200 engineers, and is forecast to report revenue in excess of £5 million in its next financial year.
IT Centric was founded in 2004 by Managing Director Gordon Sayers. As part of the acquisition, Sayers and David Ellis, previously a non-exec director will join Campbell Fraser and Bob Bazley on the SoConnect’s board.
Commenting on the IT Centric acquisition, Campbell Fraser said: “The acquisition of ITC further increases the broad range of services SoConnect brings to our customers and enables customers to benefit from a seamless and integrated service for all their IT, internet and telecomms needs.
“This acquisition further strengthens our cloud, cybersecurity and hosted services, and we are now even better placed to support UK-wide SME’s remote workforces in the wake of Covid-19 and what will be the new ways of working.”
In December 2019, SoConnect secured a bolt-on deal with Netopa, one of Edinburgh’s leading IT managed service providers, and SoConnect Founder and CEO Campbell Fraser is not ruling out further growth by acquisition over the next twelve to eighteen months.
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Fraser commented: “Having successfully integrated Netopa in 2020, we look forward to another smooth integration over the next few months and are excited to welcome Gordon, David and the team.
“As with the Netopa acquisition, we are in a position of real financial strength including with around 80 per cent of our contracted revenue being recurring and we have again self-funded the acquisition.”
Gordon Sayers, IT Centric’s Founder, added: “I look forward to helping to drive the combined value of the business alongside Campbell and the leadership team at SoConnect.
“In common with Campbell, we share the vision around providing great value market-leading IT managed services, internet and communication services with best of class customer support.”