IT managed service provider Core Technology Systems has announced that it has acquired its Scottish rival, CompanyNet, in a deal that includes the firm’s Edinburgh and Glasgow offices and all 25 of its staff.

The hope is that the acquisition will increase the project delivery capabilities to the benefit of both Core Technology Systems and CompanyNet customers.

“We are delighted to complete the acquisition of CompanyNet, a highly skilled and customer-centric company whose values align to ours,” commented Core Technology Systems CEO Connor Callanan.

He added: “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 opportunity for us to add more value to our existing and new customers.”

The financial aspects of the transaction were advised by Pierce Chartered Accountants, completed with a funding package from ThinCats, and with support from M&A platform for mid-market transactions in the technology industry, Danescor.

Stuart Thompson, Head of Transitional Capital, ThinCats, commented: “We are thrilled to have supported Core with this acquisition. CompanyNet is a perfect fit and will enable the business to expand its proposition and reach even more customers across the UK. It has been a pleasure working with Conor and the Core expert team, and we are looking forward to seeing their continued growth.”

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Lastly, Andy Hamilton, CompanyNet CEO, added: “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 CompanyNet employees, customers, and partners, providing great opportunities for both parties.”

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