Adept Technology Group has been bought out by private equity-backed peer Wavenet in a £50.3 million deal.
Tunbridge Wells-based Microsoft and Avaya partner Adept said that the weak macroeconomic outlook in the UK “is placing significant pressure on many smaller quoted companies”.
Wavenet wanted a company like Adept in what remains a “diverse and consolidated” UK technology managed services industry, the announcement added.
Adept turned over £68.1 million in its fiscal 2022 and employs 340 staff.
It is Wavenet’s fifth take over in less than two years and propels the Solihull-based Cisco, Microsoft and Mitel partner’s pro-forma annual revenues to over £200 million.
Adept chairman Ian Fishwick said: “Whilst we believe that the Adept platform can deliver long-term growth and profitability, we also recognise that uncertainties and risks exist in the short to medium term which impact Adept’s ability to optimise growth as a stand-alone quoted entity,”
“We acknowledge the additional commercial benefits which could be obtained as part of a larger, well-funded group, and believe the combination of Adept with Wavenet will enable the next phase of Adept’s growth to be strongly supported.”
Wavenet CEO Bill Dawson said: “I am delighted to announce the proposed combination of the Adept business with the Wavenet Group. I have huge respect for the leadership of Ian Fishwick and the significant achievements of the Adept team.
