CANCOM SE
CANCOM acquires managed services provider Novosco Group Limited
CANCOM SE / Key word(s): Mergers & Acquisitions/Contract CANCOM acquires managed services provider Novosco Group Limited Munich, Germany, 14 October 2019 – Representatives of CANCOM Group and Novosco Group Limited today signed a purchase agreement to acquire 100 percent of the shares of Novosco Group Limited. The acquisition of the parent company will make the entire Novosco Group, based in Belfast, United Kingdom, part of the CANCOM Group. The transaction is expected to be completed today. The total volume of the transaction is approximately GBP 70 million. Of this amount, approximately GBP 60 million will be paid to the owners in cash. In addition, shares of the acquiring company CANCOM Ltd will be transferred to the sellers of the Novosco Group. The total amount of CANCOM Ltd shares handed out is 7.5 percent and the sellers will remain active in the operating business. The Novosco Group is an IT service provider based in Belfast, United Kingdom, with offices in Dublin, Republic of Ireland and Manchester, United Kingdom. The company supports customers in the UK and Ireland primarily with managed services and cloud-based services. In addition, the company provides IT consulting and support services. Prior to the transaction, Novosco Group planned to achieve revenues of approximately GBP 55 million and an EBITDA margin of approximately 17 percent in fiscal year 2019. The company has around 300 employees. Together with the companies in the United Kingdom acquired last year, CANCOM is further expanding its market presence there with this transaction and will also be directly active in the Irish IT market for the first time. Notifying company: Contact/Notifying person: Information and Explanation of the Issuer to this News: About CANCOM The CANCOM Group’s range of IT solutions includes consulting, implementation, services, and the management of IT systems. Customers benefit from the extensive expertise as well as a holistic and innovative portfolio that covers the IT requirements that are necessary for a successful digital transformation. As a hybrid IT integrator and service provider, the Company provides an integrated range of services and solutions including business solutions and managed services, such as cloud computing, analytics, enterprise mobility, IT security, hosting, and as-a-service offerings. With more than 3,500 employees worldwide, the internationally active CANCOM Group and its efficient partner network ensure market presence and customer proximity in Germany, Austria, Switzerland, Belgium, Great Britain, and the USA. The CANCOM Group is led by Thomas Volk (CEO), Rudolf Hotter (COO), and Thomas Stark (CFO). The company is headquartered in Munich. CANCOM has an annual revenue of around EUR 1.4 billion and its parent company, CANCOM SE, is listed in the MDAX and TecDAX of the Frankfurt Stock Exchange (ISIN DE0005419105). Note Data protection notification General information on the use of data by CANCOM
14-Oct-2019 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. |
Language: | English |
Company: | CANCOM SE |
Erika-Mann-Straße 69 | |
80636 Munich | |
Germany | |
Phone: | +49-(0)89/54054-0 |
Fax: | +49-(0)89/54054-5119 |
E-mail: | info@cancom.de |
Internet: | http://www.cancom.de |
ISIN: | DE0005419105, DE0005419105 |
WKN: | 541910, 541910 |
Indices: | SDAX, TecDAX |
Listed: | Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange |
EQS News ID: | 889565 |
End of Announcement | DGAP News Service |