Finglas-based IT group acquires south Dublin peer Abacus Systems in seven figure deal
Finglas-based company IT.ie has acquired south Dublin peer Abacus Systems in a seven figure deal as it eyes significant growth.
The acquisition was independent of private equity, and was self-funded by IT.ie.
Following the acquisition, IT.ie is forecasting revenues to exceed its previous target of €8 million to €10 million by the end of this year. Its workforce, meanwhile, will grow to a team of more than 50.
Established in 2004 by Eamon Gallagher, the company provides IT services, cloud products, and cyber security to organisations throughout Ireland.
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The company said the move would see its customer base grows by 50 per cent to more than 500 clients.
Established in 1992, Abacus Systems is a technology partner to corporates, public sector organisations, healthcare providers, and SMEs across Ireland.
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Eamon Gallagher, managing director of IT.ie, said the acquisition marks 'a key moment in our success and is another milestone in our journey to becoming a leading force in the managed IT services space'.
'It firmly strengthens our position within the market, allowing us to offer an even greater portfolio of services and deeper expertise to facilitate our growing customer base,' he said.
'The acquisition unites two companies built with the same core values. For us, the partnership goes beyond growth and is an opportunity to learn from one another and build on our existing expertise together.'
Abacus Division managing director Derek O'Callaghan said: 'This acquisition isn't just great news for our business, but also our customers.
'Regardless of size, every business needs to be a resilient, digital enterprise and we are proud to have joined forces with IT.ie to work as one team in delivering this for combined customer base.
'In terms of services and our cultures, we complement each other and are excited to be on this journey together.
'IT is becoming more complex and that is likely to see more pooling of resources of this kind. The IT industry is consolidating and getting stronger, and we are bringing that strength to our customers.'
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