The education reseller division of Ramesys has struck out for independence through an management buyout. backed by Lloyds TSB Development Capital. Terms were undisclosed. The management team under MD Bill Donoghue will retain the Ramesys name, while its former parent company is rebranding itself as RedSky IT.
RedSky will incorporate and "fully integrate" Ramesys's three application software businesses, serving the construction, retail and hospitality sector. IT will have annual revenues of more than £30m and employ 350 people.
Now for a quote from Gordon Matthew, CEO of RedSky IT.
“This is a real win:win for all concerned. Our education business is largely involved in IT services and software fulfilment to schools with a different model to our application focused businesses. By making this decision, Bill and his team can continue to specialise as a leading provider to the education market while we can focus on maximising our position as a leading application software business." ®