SoConnect adds IT Centric to telecoms portfolio
Campell Fraser: financial strength
Borders telecoms and IT managed services business SoConnect has acquired Edinburgh-headquartered IT Centric, an IT and telecoms services company.
IT Centric was founded in 2004 by managing director Gordon Sayers. Mr Sayers and David Ellis, previously a non-executive director at IT Centric and a former PwC partner, will join Campbell Fraser and Bob Bazley on SoConnect’s board.
The acquisition adds about 80 SMEs to SoConnect’s customer base, which now totals more than 500 across the UK. The combined group has a headcount of 38, supported by a nationwide network of over 200 engineers, and is forecast to report revenue in excess of £5 million in its next financial year (year to 31 March 2022).
In December 2019, SoConnect, which marks its tenth anniversary this year, secured a bolt-on deal with Netopa, an IT managed service provider in Edinburgh.
Mr Fraser said: “This acquisition further strengthens our cloud, cybersecurity and hosted services.
“As with the Netopa acquisition, we are in a position of real financial strength including with around 80 per cent of our contracted revenue being recurring and we have again self-funded the acquisition.”