Communications group Vodat, a supplier of private networks to the UK retail, hospitality and leisure markets, has expanded with the acquisition of IT services firm Axonex.
Backed by Maven Capital Partners, Vodat provides UK businesses with a range of products and services including secure data networks, cloud services, Wi-Fi, IP telephony, disaster recovery and security solutions.
The three director shareholders of Axonex will all remain with the business and become shareholders in the enlarged group.
“Like Vodat, Axonex have an excellent reputation with customer service at the heart of everything they do,” Vodat managing director Neil Poultney said.
“Their skills and capabilities are complementary to Vodat’s, so both sets of clients will benefit from a more comprehensive solution set.
“The enlarged group will also be better placed to win new business through an extended offering.”
Andy Peters-Smith, Axonex managing director, added: “These are very exciting times for Axonex. There are clearly synergies for both companies which can only enhance the services for our customers.
“The last 12 months has seen us double our headcount and move to new offices. We have experienced significant growth during this period, with revenues increasing by 68 per cent. Vodat Group’s combined resources and extended skill set will position Axonex for the next phase of its growth.”
The shareholders of Vodat were advised on the deal by accountancy firm RSM and law firm Ward Hadaway advised on the legal aspects of the transaction.
A team from HSBC Commercial Banking a seven-figure funding package to support the deal.