IT services company Version-1 keen to add to latest buy

By Geoff Percival

Dublin-based IT services company Version-1 is eyeing a number of further acquisitions in the UK after buying London company Cedar Consulting for an undisclosed sum, thought to be between €5m and €10m.

The deal will boost the Irish company’s UK employee numbers to nearly 500, adding 80 staff to the 400+ it already houses in four offices across London, Edinburgh, Kent and near Birmingham. Including its Dublin, Cork and Belfast offices, the company employs nearly 1,200 people in total.

Cedar Consulting, which offers HR services to financial, legal, healthcare, retail and life sciences companies, will become part of Version-1’s fast growing enterprise resource planning division and will add 250 companies to its UK client list.

Version-1, which builds and manages IT systems for a number of big-name customers, has been in the UK since 2013, with Cedar counting as its sixth acquisition there.

The company remains keen on growing further in the UK, despite the threat of Brexit. It is understood Version-1 has a strong pipeline of UK acquisition opportunities and is in takeover talks with a number of targets. A number of further deals are expected to be completed before the end of the year.

“We see Brexit as a unique challenge which must be overcome in order to grow our business and continue to expand in the UK market. The current business marketplace is challenging. When Brexit is factored into the mix, the landscape becomes uncertain and complex. However, it can be overcome and it will not stop us delivering for our UK customers,” said chief executive Tom O’Connor.

“It is a challenging time for business with Brexit uncertainty but our team of expert professionals are well positioned to help customers navigate the many complexities, including data protection, compliance, cyber-security and talent acquisition, to name but a few,” he said.

“This acquisition not only expands Version-1’s rapidly growing footprint in the UK but also brings a team with market leading expertise and specialist skills in HR transformation,” he added.

Version-1 has also said it is on target to generate revenues of around €120m this year.

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