AIQ Business

Business & Finance

Spanish telecoms large Telefónica swoops on Cancom’s Northern Eire arm as a part of £340M deal

Spanish telecoms large Telefónica has snapped up Cancom UK and Eire property in a deal value £340 million

The transfer sees the managed IT providers firm, beforehand generally known as Novosco and began by entrepreneurs John Lennon and Patrick McAliskey, change fingers for the second time in lower than two years, after Cancom purchased the enterprise from the pair in 2019 for £70 million.

The most recent deal sees Cancom UK and Eire promote the previous Novosco enterprise – which employs over 300 individuals in Northern Eire – in addition to two different UK firms, Ocean Clever Communications and OCSL.

The acquisition, by a brand new arm of the corporate referred to as Telefónica Tech, was introduced in Telefónica’s outcomes the place it reported report quarterly income and has been seen as a wager by the corporate on the continued development of digitisation by firms all through the world within the wake of the Covid-19 pandemic, an space the place the Cancom UKI enterprise specialises.

Particularly, the Belfast arm of the enterprise has quite a lot of important public sector accounts together with the NHS and others.

The brand new proprietor has its eye firmly on development the enterprise, José Cerdán, CEO of Telefónica Tech, mentioned:

“Having the Cancom UK&I gifted group be a part of Telefonica Tech, will strengthen our Cloud and Cybersecurity capabilities within the UK and Eire, with a robust give attention to Skilled and Managed providers, and mixed with our worth proposition and world attain permits us to place ourselves because the strategic companion for our B2B clients of their digital transformation technique”.

Cancom had introduced its intention to divest its UK and Eire enterprise earlier this 12 months.

It mentioned it expects the deal to be accomplished within the third quarter of this 12 months.

“I’m actually delighted that Cancom UK&I have gotten a part of the Telefónica Tech household,” Martin Hess, Managing Director Cancom UK&I, mentioned. “It is a implausible subsequent step in our firm’s development. Telefonica Tech is a world tech powerhouse and we’re enthusiastic about what we can ship to our clients as Telefónica Tech within the UK&I. That is nice information for each our clients and our workers.”

Source link