Updated: Intrinsic Technology bigwig Mike Mason has left the unified comms and cloud reseller less than eight months after leading a management buy-out.
Management handed the princely sum of £30m – with the backing of by venture capitalist RJD Partners – to founder and majority shareholder Allan Gauld in July, with Mason remaining in the hot seat.
But Lancashire-based Intrinsic today confirmed that Mason had left recently: "He doesn't work here any longer," a representative told El Reg.
Frank Bulman, partner at RJD, confirmed that Mason had left to "pursue other opportunities" and said he had "worked closely with the rest of the executive team to transition duties at the back end of last year".
Bulman said current non-exec chairman Gordon Matthew – former CEO at RedSky IT and Azzurri - has become exec chairman and will run the business with the rest of the management team.
Mason, who pitched up at Intrinsic in 2009, revealed last summer that he was intending the grow the organisation organically and by acquiring other services-based resellers.
"RJD are experienced investors in the IT services sector and fully share our ambitious vision," Mason has claimed in a statement.
Intrinsic had already acquired prior to the MBO in July 2011; it bought the trade and certain assets of Dataplex from administrators MCR Corporate Restructuring in January of that year.
Private equity player RJD already includes Comtec, Stone and ISG Technology in its investment portfolio, as well as a number of financial, support and leisure and consumer services businesses.
Intrinsic – which also has offices in the City, Thames Valley and Glasgow – supplies, maintains and manages voice, data and virtualisation - either hosted, in the cloud or on-premise. It has top-level accreditations with Microsoft, HP and Cisco.
The £30m stumped up for the MBO raised a few eyebrows in the channel last summer as it was 13 times the £2.3m EBITDA Intrinsic made in fiscal 2010 ended 30 November. Sales for that year grew 32 per cent to £27.4m.
Bulman and Jill Williams manage the Intrinsic investment on behalf of RJD. Bulman said Mason's departure would not affect its roadmap: "Our plans have not changed. Intrinsic continues to achieve strong year on year organic growth in both its core business of voice and data convergence solutions and contact centre technology and its virtual desktop and cloud offering. The latter has been built from the Dataplex acquisition a year or so ago."
Mike Mason did not respond to requests for comment. ®