The Channel logo

News

By | Christopher Williams 6th November 2006 10:46

Phoenix coughs £30.25m for Servo

Rising into SMB services

Phoenix IT Group has bought UK small and medium-sized business IT provider Servo Computer Services for £30.25m.

The deal is made up of stock, and £28m cash from Phoenix's coffers and bank finance.

Servo's revenues for the last financial year were £42.2m, netting a pre-tax profit of £2.8m from its 1,200 customers.

The buy is part of a push by Phoenix into the market for small business services. It bought Trend Network Services in March 2004 and NDR in April 2005. Servo will mostly be used to cross-sell services to Phoenix's business continuity customers.

Phoenix chief exec Nick Robinson said: "Our continued expansion into the growing SME market for managed services and outsourcing is a natural extension of our existing offering and we expect to generate significant benefits for the Group as a result of the acquisition." ®

alert Send corrections

Opinion

Baby looks taken aback/shocked/affronted. Photo by Shutterstock

Kat Hall

Plans for 2 million FTTP connections in next four years 'not enough'
Microsoft CEO Satya Nadella
Stranded_ships

Chris Mellor

Thousands of layoffs announced as spinning rust enters its death spiral

Features

STRASBOURG, JUNE 29, 2016: The seat of the European Parliament. by Marco Aprile for shutterstock. EDITORIAL USE ONLY
Plan b, image via Shutterstock
EU workers, new markets: post-Brexit pressure on May & Co
Tough question, pic via Shutterstock
Honest mistake with your licensing? Audit police look at it on a 'case by case basis'