SoConnect acquires Edinburgh-headquartered IT Centric
SoConnect, the Borders-based telecom, internet and IT managed services business, has acquired Edinburgh-headquartered IT Centric, an IT and telecoms services business serving corporate clients in Edinburgh and across Central Scotland.
IT Centric was founded in 2004 by managing director Gordon Sayers. Mr Sayers and David Ellis, previously a non-executive director at IT Centric and a former PwC partner, will join Campbell Fraser and Bob Bazley on the SoConnect’s board.
The acquisition adds around 80 SMEs to SoConnect’s customer base, which now totals over 500 across the UK.
The combined group has a headcount of 38, supported by a nationwide network of over 200 engineers, and is forecast to report revenue in excess of £5 million in its next financial year (year to 31st March 2022).
In December 2019, SoConnect, which marks its tenth anniversary this year, secured a bolt-on deal with Netopa, one of Edinburgh’s leading IT managed service providers, and SoConnect Founder and CEO Campbell Fraser is not ruling out further growth by acquisition over the next twelve to eighteen months.
Campbell Fraser added: “The acquisition of ITC further increases the broad range of services SoConnect brings to our customers and enables customers to benefit from a seamless and integrated service for all their IT, internet and telecomms needs. This acquisition further strengthens our cloud, cybersecurity and hosted services, and we are now even better placed to support UK-wide SME’s remote workforces in the wake of COVID-19 and what will be the new ways of working.
“Having successfully integrated Netopa in 2020, we look forward to another smooth integration over the next few months and are excited to welcome Gordon, David and the team. As with the Netopa acquisiton, we are in a position of real financial strength including with around 80 per cent of our contracted revenue being recurring and we have again self-funded the acquisition.”
Gordon Sayers, IT Centric’s founder, commented: “I look forward to helping to drive the combined value of the business alongside Campbell and the leadership team at SoConnect. In common with Campbell, we share the vision around providing great value market-leading IT managed services, internet and communication services with best of class customer support.”