MSP Acquisition: Oncore IT Acquires London’s Fuse Technologies
Oncore IT leveraged a loan from OakNorth, a UK bank that provides loans to small and medium sized companies. The company did not immediately disclose the loan’s value or terms.
Founded in 2004, Oncore IT specializes in the delivery of business critical systems and IT infrastructure from secure, resilient data centers in London and Amsterdam. The company’s core clients include customers in the legal, financial, and professional services sectors.
Oncore IT Acquires Fuse Technologies: Executive Perspectives
Michael Croft, CEO at Oncore IT, commented on the deal:
“At Oncore IT we have established a market-leading reputation by offering first class strategy, delivery and support. I am delighted to incorporate the unified communications expertise of Fuse Technologies to strengthen our UK portfolio.”
David Redmond, CEO at Fuse Technologies, said:
“We have always put customer service first. By becoming part of Oncore IT, and the global giant Ergos, our clients have a huge opportunity to benefit from enhanced services, experience an improved service level offering and take advantage of the global opportunities for business growth now available to them.”
The deal comes nearly three years after Oncore IT was itself acquired by Ergos, a US-based managed services and cloud solutions provider.
Ergos is a $24.8 million revenue business headquartered in Houston Texas, with offices throughout Texas, New Jersey, and Dubai.
Oncore IT says it intends to keep growing the UK business through further acquisitions to match the size and growth of the US business.
MSPs, IT Services: UK Mergers, Acquisitions
M&A activity in the United Kingdom continues unabated. This is just the latest in a string of mergers and acquisitions across England. Similar deals that ChannelE2E has tracked include:
- AdEPT acquired Shift F7 Group, essentially uniting two managed UK IT services providers.
- Peach Technologies acquired Taylor Made Computer Solutions (TMCS), creating one of the United Kingdom’s largest independent managed IT services providers (MSPs).
- Diversified of New Jersey acquired Digitavia — a United Kingdom-based provider of standardized AV (audio visual) solutions and support services.
- Chess Ltd. acquired Foursys, a 10-year Sophos cybersecurity partner. The deal added more than £11m to Chess’s turnover, bringing it to £120m.
- CMI acquired Solsis Ltd., an MSP that supports about 2,500 end-users around the south of England, including London.
- Ensono acquired Attenda, a UK-based MSP.