IT services specialist Adept has written out a £5 million cheque for Shift F7 and the deal total cost likely to be as high as £8 million.
The cunning plan is to provide Adept a larger customer base and more depth in its IT services offering without compromising its geographical focus on London and the South East.
The deal starts with a payment of £5 million with a further £2.9 million being payable depending on the performance of the Shift F7 business in the first year after the deal closes.
For the year ended May, Shift F7 delivered revenues of £5 million. The deal covers not just Shift but also its commercial services operation Greencorn. That contribution will be added to the £46.4 million generated by Adept in the year ended in March.
Adept CEO Ian Fiskwick said: “We are delighted to have acquired such a high quality, well-run and profitable business with a strong management team. Shift F7 is an excellent fit because it enhances our market position in IT, particularly in London. After the Shift F7 acquisition, more than 70 per cent of Adept revenue will be generated from managed services including IT support, unified communications and data networks.”
