BPE Solicitors and chartered accountants Hazlewoods LLP advised Innovise Plc on the acquisition of Abilitec, a specialist in managed IT services.
AIM-quoted Innovise Plc, the fast-growing provider of workforce management software and managed IT solutions, agreed to acquire the entire issued share capital of Abilitec Holdings Limited for a consideration of up to £4 million.
Abilitec Holdings Limited is a supplier of IBM Tivoli Netcool managed services, consultancy, support and training. The company is based in Bedfordshire and has 35 employees. For the period to 31 March 2007, it reported annual sales of more than £3 million.
This latest acquisition marks another major step in Innovise’s mission to grow its business through a buy and build strategy, spanning both its workforce management software division and its managed IT services division. The acquisition of Abilitec builds upon the acquisition of Data Technology Group Ltd in July 2007.
Mike Taylor, CEO of Innovise, said: “The managed IT services sector remains relatively fragmented, with a top stratum occupied by global giants and many much smaller providers below this top tier. We believe there is an opportunity within this valuable sector to build a highly profitable and integrated enterprise offering a comprehensive range of dependable IT services to medium and medium-large organisations".
The Abilitec acquisition was BPE’s first transaction for Innovise, who instructed Partner Tim Ward after hearing of his experience in supporting serial acquirers.
The deal, which took three months to complete, involved Tim leading a team of legal specialists including Assistant Caroline Trasler (corporate/commercial), Associate John Turnbull (employment) and Associate Tracy Gibson (commercial property).
“Innovise is a very forwarding thinking and innovative company with real potential for future growth and expansion. It was a pleasure working with the company’s management team as they embarked on their development plans, approaching the acquisition with commonsense and a determination to get the deal done,” said Tim, who has completed more than 25 major corporate deals in the past 12 months with the support of colleagues in BPE’s eight-strong corporate team.
Abilitec will continue to be operated on an “as is” basis by the current team, including the principals, ensuring continuity and accountability for performance. At the same time, Innovise will seek to drive synergies throughout the enlarged group in order to increase recurring revenues, expand the customer base, and extend the range and value of its total offering.
Both Hazlewoods and BPE plan to support the company as it enters another year of successful trading and continues to build upon its positive reputation in the IT sector.
AIM-quoted Innovise Plc, the fast-growing provider of workforce management software and managed IT solutions, agreed to acquire the entire issued share capital of Abilitec Holdings Limited for a consideration of up to £4 million.
Abilitec Holdings Limited is a supplier of IBM Tivoli Netcool managed services, consultancy, support and training. The company is based in Bedfordshire and has 35 employees. For the period to 31 March 2007, it reported annual sales of more than £3 million.
This latest acquisition marks another major step in Innovise’s mission to grow its business through a buy and build strategy, spanning both its workforce management software division and its managed IT services division. The acquisition of Abilitec builds upon the acquisition of Data Technology Group Ltd in July 2007.
Mike Taylor, CEO of Innovise, said: “The managed IT services sector remains relatively fragmented, with a top stratum occupied by global giants and many much smaller providers below this top tier. We believe there is an opportunity within this valuable sector to build a highly profitable and integrated enterprise offering a comprehensive range of dependable IT services to medium and medium-large organisations".
The Abilitec acquisition was BPE’s first transaction for Innovise, who instructed Partner Tim Ward after hearing of his experience in supporting serial acquirers.
The deal, which took three months to complete, involved Tim leading a team of legal specialists including Assistant Caroline Trasler (corporate/commercial), Associate John Turnbull (employment) and Associate Tracy Gibson (commercial property).
“Innovise is a very forwarding thinking and innovative company with real potential for future growth and expansion. It was a pleasure working with the company’s management team as they embarked on their development plans, approaching the acquisition with commonsense and a determination to get the deal done,” said Tim, who has completed more than 25 major corporate deals in the past 12 months with the support of colleagues in BPE’s eight-strong corporate team.
Abilitec will continue to be operated on an “as is” basis by the current team, including the principals, ensuring continuity and accountability for performance. At the same time, Innovise will seek to drive synergies throughout the enlarged group in order to increase recurring revenues, expand the customer base, and extend the range and value of its total offering.
Both Hazlewoods and BPE plan to support the company as it enters another year of successful trading and continues to build upon its positive reputation in the IT sector.
