John Lennon says hello. Hello, hello... as Cancom buys Novosco for £70m
You know, co-founder of the Belfast-based reseller
Munich-based Cancom Group is paying £70m to acquire public-sector reseller Novosco.
Belfast-based Novosco employs 300 people and specialises in NHS, housing association and charity clients. It's on the NHS Shared Business Services list of pre-approved cloud suppliers.
The company has offices in Daresbury, near Manchester, and Dublin, as well as Belfast. It hopes the takeover will help it expand across the UK and in Ireland. It provides cloud and managed services as well as IT consulting and support.
Cancom has 3,500 staff and offices in Germany, Austria, Switzerland, Belgium, Slovakia, as well as the UK and US.
Patrick McAliskey and John Lennon (yes, really), founders and directors of Novosco Group Limited, said the acquisition is a perfect fit. "This is a hugely positive and exciting development for Novosco, our people, our customers and the communities in which we operate, bringing together two companies with very complementary expertise and very similar cultures, ambitions and outlooks."
Cancom CEO Thomas Volk said that there was virtually no customer overlap between the two companies and the deal would expand the company's product portfolio and add expert staff.
As a result of the deal, Lennon will become joint managing director of Cancom UK, alongside Martin Hess, current MD.
Patrick McAliskey, Novosco's current MD, will become an advisor and shareholder of Cancom UK.
The deal is costing Cancom £70m, £60m in cash to the two company founders. ®