AdEPT Telecom acquires Atomwide
Kent-based IT services company AdEPT Telecom continues to expand after purchasing Atomwide.
The £12 million acquisition provides AdEPT with increased opportunities within the public sector as Atomwide supplies information technology and information communications technology solutions to over 4,000 UK schools, local authorities and Regional Broadband Consortia with over two million users.
AdEPT Telecom, which is located in Kent, is one of the UK's leading independent providers of managed services for IT, unified communications, voice and data connectivity and provides services to both the private and public sector.
This latest deal is the company's fifth acquisition in the last two years.
"Over the last two years we have completely transformed AdEPT from its origins as a telecoms company providing calls and lines to a managed services business providing complex solutions involving IT and telecoms,” said Ian Fishwick, chief executive of AdEPT.
“We have achieved this by completing five acquisitions. It has been hugely beneficial to work with the same team at Cripps on all of them.
“We work together as a very effective team as they understand what's important to us."
In order to meet the deal funding requirements, AdEPT secured £7.3m from Business Growth Fund (BGF), with Cripps negotiating all of the agreements and dealing with BGF's due diligence requirements.
The remaining funds were obtained by AdEPT through their existing banks, with Cripps, again, negotiating the detailed changes required to the company's current debt facilities, which arose as a result of BGF's investment.