2e2 has signed a deal to acquire Morse for approximately £70m.
2e2 says the new business will provide both firms' customers with a broader range of services and solutions including managed services, hosting, unified communications, data management, security, business application solutions and cloud computing.
2e2 says it expects “significant benefits” from cost synergies and cross-selling opportunities within the enlarged customer base and enhanced positioning within its chosen industry sectors.
Says Eric Priestley, non-executive chairman of 2e2: “This acquisition represents a further significant step in 2e2’s operational and strategic progress. There is an excellent fit between the two companies and the acquisition consolidates 2e2's position as one of the UK's leading vendor-independent IT services providers. We are confident that this transaction will deliver good shareholder value.”
The combined sales and EBITDA of 2e2 and Morse for the year ended 31 December 2009 were £414m and £40m respectively.
