13 hours ago
IT.ie targets €10m in revenue as it acquires Abacus in seven-figure deal
Managed IT services company has acquired fellow Dublin firm Abacus Systems in a seven-figure deal.
Following the deal, the company is forecasting revenues to exceed its previous target of €8m, reaching €10m by the end of 2025. Its workforce, meanwhile, will grow to a team of more than 50.
Based in south Dublin, Abacus Systems was established in 1992 by Derek O'Callaghan and has worked with corporates, public sector organisations, healthcare providers, and SMEs on managed services, cloud technologies, cybersecurity, and compliance.
Eamon Gallagher established in 2004. It provides managed IT services, cloud solutions, and cybersecurity services to organisations around Ireland. The company said the acquisition was independent of private equity and was self-funded by
It now plans to expand its customer base by over 50% to more than 500 clients.
Eamon Gallagher said: 'The acquisition of Abacus Systems 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.
'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."
Derek O'Callaghan, managing director of the Abacus Division, 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 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," he said.
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