The Channel logo

News

By | Kelly Fiveash 18th August 2009 08:02

Onyx Group scoops up financial services IT provider

Hedges bets with Moffat Communications

Onyx Group has bought London-based IT firm Moffat Communications for an undisclosed sum.

The managed networks and hosting outfit said the acquisition was its fourth in 18 months as the company attempts to expand its operations to become a "leading national IT provider."

Moffat, which was formerly part of Grant Thornton UK LLP, provides IT to financial services companies that specialise in hedge funds.

Onyx was keen to note a recent CBI and Price Waterhouse Coopers study that claimed the UK "is on the gradual path towards recovery with business volume expected to improve in the coming quarter."

The firm is clearly aware that the phrase "hedge funds" doesn't exactly have the same allure it had, say, two or three years ago, in the pre-recession days when Alistair Darling's eyebrows still roamed free.

Onyx said the acquisition meant the company would have a base and data centre in London as well as offices and facilities in Edinburgh, Glasgow and headquarters in North East England.

Moffat, whose customers include Deutsche Bank and Oriel Securities, currently employs 23 staff, all of whom will be thrown into the mix with Onyx's existing 100 workers. ®

alert Send corrections

Opinion

Privacy image

Frank Jennings

Two working parties, ministers galore... but data transfer law remains in limbo
EMC_Unity_bezel

Chris Evans

It does simplify the hardware setup, whatever it is
A microscopic view of the biometric shark skin. Pic: James Weaver

Chris Mellor

Do something and stop faffing about in the bush league

Kat Hall

International system in general needs greater transparency

Features

Nerd fail photo via Shutterstock
Shouting match
Single market vs. rest of the world
hacker
Mostly it's financial crime. Here's what all the cool kids' terms mean in English
Apple logo. Pic: Blake Patterson
Plenty of bumps in the 40-year road for Mac makers