Acora Ltd, a UK-based IT Services company, has completed the acquisition of Plan-Net Ltd, another owner-managed IT support and services company, based in London.
The merged Group has revenues approaching £30m, more than 70% of which comes from long-term recurring contracts. The Group will deliver services from four UK service operation centres, providing full 24/7 coverage to more than 250 high value clients.
David Rabson, Chief Executive at Acora, said: “Plan-Net has impressed us enormously in terms of its business model, the service levels it achieves with its loyal customer base and the way it aligns with our core offerings. The quality of the team was also key in our decision to bring the two companies together – Great Customers and Great People, a winning formula. We see this as a merger with equal value for all stakeholders. It is transformational for the combined teams and the customers of Plan-Net and Acora alike.”
Adrian Polley will join the Acora Board as MD of the Plan-Net business, following 25 years building Plan-Net with Jerry Cave, who will also remain as an Advisor to the Board.
Commenting on the future together, Adrian Polley said: “Having worked alongside Acora previously, it was clear that the benefit for our customers and staff in bringing our offerings together provided an exciting opportunity for everyone. The combined proposition is incredibly strong, and we can see the merged Group being dominant in the mid-market as we scale further and benefit from the growth opportunities.”
Acora were supported in the transaction by RSM and Stevens & Bolton, with BDO advising on deal structure, which was part funded by Barclays.