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20 Aug 2018 | 07:29

Adept to acquire Shift F7 for up to £7.39m

Adept said Monday it had signed an agreement to acquire Shift F7 and its subsidiaries for a total up to £7.39m.

Under the terms of the deal, Adept would fork out an initial £5.0m, and an further £2.9m would be payable dependent upon the trading performance of Shift F7 in the 12 months post-acquisition.

The acquisition of Shift included its subsidiaries; Shift F7 Limited and Greencorn Limited, a well-established UK based specialist provider of IT services to the commercial sector.

The acquisition is expected to further expand the company's commercial IT capability and customer base, whilst providing the company with continued geographical focus on London and the South East, Adept said.

The unaudited management accounts for Shift F7 and its wholly owned subsidiaries for the year ended 31 May 2018 showed turnover and EBITDA on a proforma combined basis of £5.0m and £0.7m, respectively. 'Shift F7 complements our acquisition of OurIT in February 2017 which is also focused on London and South East commercial customers. After the Shift F7 acquisition, more than 70% of AdEPT revenue will be generated from managed services including IT support, unified communications and data networks,' said Ian Fishwick, Chief Executive of Adept.

Story provided by StockMarketWire.com
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