To enhance its capabilities in IT managed services sector
365 iT has acquired the IT managed services and computer hosting specialist 7 Global Group (7global) from LMS Capital. In addition, LMS has taken a 12.5% equity interest in 365 iT.
365 iT said that this acquisition strategically enhances its capabilities in the IT managed services sector and also strengthens business relationships with global IT providers which include Microsoft, Cisco and Citrix.
7global, based in Liverpool, was originally formed in 1999 and has developed a portfolio of fully managed IT services aimed at software vendors and end user organisations that wish to take advantage of Software as a Service (Saas).
In addition, the acquisition extends the company’s product portfolio, client base and geographical presence. The combined focus of the enlarged 365 iT group will enable to further develop strategy of expanding revenue and market share, the company said.
Pieter Hooft, MD UK investments at LMS Capital, said: “We remain positive about 7global’s prospects as a leading Saas infrastructure provider in the UK. 365 iT is well positioned to accelerate 7global’s growth, thanks to its scale and complementary service offering. Therefore we are delighted to become a shareholder in 365 iT in order to share in the profitable growth of the combined business.”
Chris Bithell, managing director of 7global, said: “This acquisition is an important development for all our customers and employees. I am personally very excited about the opportunities the future holds for us and am very confident that 7global will play a major role in the development of 365 iT.”