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Shearwater moves for Brookcourt to extend security reach
The move by Shearwater Group for Brookcourt Solutions will bring the two security player together in a deal worth
It has been a few years since the name of Brookcourt Solutions graced the web pages of MicroScope, when it picked up reseller solution of the year award in the ACEs back in 2010.
The security specialist is in the headlines again having been the acquisition target of Shearwater Group, which has entered into a conditional agreement to buy the firm for £30.3m.
The cash and shares deal, if accepted, would give Shearwater access to a firm that generated revenues of £22.2m in the year to March and has an established reputation in the cyber security market.
"This transformational acquisition provides us with a substantial platform from which we can grow organically and by further acquisitions," said Shearwater chief executive David Williams.
"As well as being strategically and operationally a major development for us, this transaction will also bring a step change in our scale and breadth of offering, and notably it will make us cashflow positive following completion," he added.
Brookcourt has a strong reputation in the security and networking markets and has made no secret of its ambition to become a major managed security services provider to the Fortune 100 customer base.
Williams said that one of the major attractions of Brookcourt was the existing management team and they would be staying with the business.
"One of the key elements of our buy and build strategy is that the management teams stay with the business and become active parts of the enlarged group," he said.
Phil Higgins, Co-founder and CEO of Brookcourt, said that it had looked at all of the options for growing the business and decided that the acquisition made sense.
"We had a number of options to develop and grow our business, but were very much drawn to joining Shearwater owing to our shared vision and the real opportunity to be part of a rapidly growing PLC. This unity provides us with the resources, additional industry expertise and support to scale the business in delivering a broader solutions offering to our existing and prospective customers," he said.
