After a £28m management buyout two information technology service companies transferred out of French ownership and back into Scottish hands in a deal that creates the country's largest independent IT business.
The MBO, which is being backed by Close Growth Capital and Scottish Enterprise, also marks the largest private equity deal in Scotland so far in 2009 and it ranks as one of the biggest transactions in the UK IT sector in recent years.
The buyout is symbolic of the turmoil and seachange strategies throughout the hard-pressed technology sector - where one company sells off businesses to refocus on core activities and thus creates opportunities for consolidation and buyouts in other areas.
The new company has forecast £32m in revenues in its first year. It has 330 staff in Glasgow, Aberdeen, Edinburgh, London and Houston with expansion plans to increase turnover by a further £50m in three years. Amor added that it plans to expand its workforce by creating around 50 new posts by the end of 2009.
Source: The Herald
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4 comments:
SR,
An interesting article in the FT today (Page 4) discussing Scotland's position on her finances and ability to be Independent. 2 years ago they thought that Scotland could be viable, this article reckons it hangs in the balance or worse even.
They also claim that oil prices are falling, yet yesterday Brent/London Crude was averaging $60 a barrel. they claim Scotland is over reliant on the financial services sector.
Seems that this article proves the reverse - mind you isn;t it anothe rof Murdoch's mouthpieces?!
Saor Alba
Crazy D
I actually saw that article CD but decided against posting it and chose this one instead.
Somewhere else I'd read that oil prices were rising, can't remember where.
That the nation that invented the modern world is incapable of being a successful independent country is laughable.
Good news from the IT sector Subrosa. We need more stories like this to dispel the negative propaganda.
Indeed scunnert, but you've to dig deep to find any positive journalism in the Scottish papers.
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