Listed Isle of Man telecoms firm to buy IT services business
Manx Telecom, a listed Isle of Man-based communications solutions provider has entered into an agreement for the acquisition of Synapse 360.
Synapse 360 provides B2B managed services in the UK and the Isle of Man, and will bring its capabilities in traditional telecommunications, data centre operations and network-oriented services to the deal.
As a result of the acquisition, the four existing Synapse 360 directors, including managing director Colin Sheard, will continue to lead the business.
“Synapse 360 is an excellent fit with Manx Telecom,” said Manx Telecom CEO Gary Lamb.
“We have long viewed managed services as a potential growth area for the business and Colin and his team’s success over the last 20 years have reinforced us in this view, and confirmed us in the intention to make this attractive bolt-on acquisition”.