£2.4 miilion acquisition enables the group to offer a cloud-hosted IT services solution
RedstoneConnect group has acquired IT services firm Commensus Plc for £2.4 million. For the year ending December 2015, Commensus generated revenues of £3.2 million.
Commensus currently has 72 customers globally and has 19 employees who will support RedstoneConnect’s existing managed services capabilities, said RedstoneConnect.
“Strategic acquisitions are a core part of RedstoneConnect’s growth strategy and the acquisition of Commensus broadens the group’s product and service set as well as providing a complementary fit to both of the group’s key existing trading divisions – Redstone and Connect IB,” the group said.
The acquisition will enable the group to offer a cloud-hosted IT services solution alongside Redstone’s existing “on-the-ground” managed IT services, providing both new and existing clients with “broader and more flexible solutions”.
Mark Braund, CEO of RedstoneConnect, said: “This earnings enhancing acquisition is directly in-line with our strategy to broaden our managed services solutions and to accelerate the group’s transition to high-margin recurring annuity based revenues.
“Commensus will enable us to address a gap in our existing services offering in our RedstoneConnect business.”