Cork IT firm PFH Technology acquired by Ricoh

The firm's founder and current chairman, Paul Hourican will step down from his role, remaining in an advisory capacity

Founded in 1985 by current chairman, Paul Hourican, PFH employs over 750 employees across its headquarters in Cork and its Dublin and Galway offices.

Cork IT company PFH has been acquired by Japanese imaging company, Ricoh for an undisclosed amount.

Founded in 1985 by current chairman, Paul Hourican, PFH employs over 750 employees across its headquarters in Cork and its Dublin and Galway offices.

Following the company's acquisition, Mr Hourican will step down from his role as chairman, remaining in an advisory capacity to the business. Once the deal is completed, PFH will continue to operate as a separate entity.

PFH currently works with over 1,000 customers with partners including Dell, Lenovo, Microsoft, HP and VMware, with its acquisition offering PFH customers access to Ricoh's global footprint, as well as the firm's digital workspace and cybersecurity services.

It benefitted from strong demand for IT services during the covid lockdowns and an increase in digital transformation projects. The most recent accounts for PFH filed with the Companies Registration Office show the firm increased turnover by 40% to €139.9m to the end of June 2021 with operating profit increasing to €12.9m in the same period.

PFH Technology Group has six listed directors; Paul Hourican, Thomas Randles, Declan VanEsbeck, Paul Callaghan, Karl Howley and Anne O'Leary.

"Reaching this important date in our history is testament to the hard work of everyone who has contributed to PFH since our inception over 38 years ago," said PFH chief executive, Paul Callaghan.

The CEO added that the companies had "aligned cultures" which ensured customers are "ideally placed for future success.”

The deal is expected to be completed in the coming months and is subject to approval by the Competition and Consumer Protection Commission (CCPC). PFH and its shareholders were advised by an EY Corporate Finance team led by Robert Hussey, Ronan Murray, Michael Murphy and Antoine Daubigny.

Alberto Mariani, Senior Vice President, Digital Innovation, Ricoh Europe, said the acquisition of PFH strengthened the firm's ability to meet customer demand for a single partner offering infrastructure, professional and managed services.

We look forward to bringing customers’ digital transformation ambitions to life through our shared customer-first approach.”

Headquartered in Tokyo, Ricoh has been in operation for almost ninety years. With a global presence spanning across 200 countries, the firm reported sales of $14.5bn (€13.26bn) in 2022.