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