IT firms combine
Boston Networks £50m technology tie-up with Pinacl
Scott McEwan: ‘Pinacl is a business we have admired for many years’
Boston Networks, the Glasgow-based IT network company has merged with Pinacl, a North Wales business, creating a company with a staff of more than 300 and a turnover approaching £50 million.
Aliter Capital, the private equity investment specialist in the support services industry, led the deal along with audit, tax and consulting firm RSM.
The transaction establishes a major player with full design, installation, management and support capability across the areas of network infrastructure, smart buildings, Internet of Things (IoT) and life safety systems.
Boston Networks recently launched the pioneering £6 million IoT Scotland, the UK’s most-advanced IoT network after being chosen to lead the commercialisation of IoT across Scotland – a project part-funded by the Scottish Government. Pinacl has also experienced significant success within this market, with recent wins including the building of a world leading intelligent street lighting solution for Aberdeen City Council utilising the latest IoT technologies.
Pinacl, a company with a heritage going back over 35 years and with many blue chip and local Government clients, has a specialisation in design and management of industry-leading ICT infrastructures encompassing the IoT, smart buildings and cities and major fibre optic infrastructures.
Greig Brown, partner of Aliter and chairman of Boston Networks, said: “Since our investment into the Boston Group, we have been extremely focused on creating a national provider that has major credibility across the networking and systems integration market.”
Rob Bardwell, Pinacl CEO, says: “Pinacl has had impressive growth over the last four years and has an appetite to accelerate its growth further. We have been impressed with the Aliter approach and we know the Boston business very well. The Pinacl management team are extremely excited with the prospects for the combined group through its wide range of capabilities.”
Scott McEwan, Boston Networks CEO, said: “Pinacl is a business we have admired for many years. It is a sophisticated business and offers complementary technologies, customers and geographical coverage. It will be business as usual for the two companies and I’m looking forward to working with their senior team. Pinacl has been leading the IoT drive and the smart cities agenda in England and Wales as we have in Scotland and the synergies are obvious.”
The deal is the third involving Aliter since acquiring a majority stake in Boston Networks in January 2018 – the previous two being the acquisitions of London-based sound, life safety, security and audio visual (AV) solutions business PEL Services in April last year and North East based converged security and video surveillance business 2020 Vision Systems in December. Both acquisitions provide specialist integration of technologies across network infrastructures.
Rikesh Patel, associate director at RSM, said: ‘The strategic deal brings together two of the fastest growing UK IoT businesses that share a real synergy in approach and ambition. The increased service offering and capability supports the commercial aims of both businesses, which provides the perfect platform to maximise the opportunities in this buoyant sector.’