Logicalis Buys Troubled 2e2 Businesses
With 2e2 in difficulty, Logicalis has bought up the company’s businesses outside the UK
Managed service provider Logicalis has bought up the European subsidiaries of 2e2, excluding their UK business which is now in the hands of Daisy Group. The European businesses were bought for €24million (£20.6m).
The deal includes the Spanish and Irish systems integration businesses, operated under the Morse banner, which 2e2 bought for £70 million in 2010; the Channels Islands business, and their IT service management (ITSM) consultancy operation in the Netherlands.
Complementary business
Complementary businessIts Spanish subsidiary is a key vendor partner of IBM, and Logicalis said this would complement many of its multinational clients in Latin America. The Irish operations focus on IBM, NetApp and HP.
In the Channel Islands business was based on Xerox and HP. The combined operations have a turnover of about $150 million (£99m) and earnings before interest, taxes, depreciation, and amortization (EBITDA) profits of more than $8million (£5.3m).
“This acquisition of these four businesses immediately expands Logicalis’ European footprint and enables us to improve our offering to Logicalis’ multinational and Latin American clients,” said Jen Montana, chief executive of Logicalis parent Datatec. He claimed the transaction, paid for by a combination of cash and shares, also “opens service opportunities in new customer markets”.
This story is from Channel Biz. Read the whole story here.
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