Prism Unite Two Successful IT Services Companies
Flint IT has been acquired by Virtual IT in a deal facilitated by technology focused M&A specialists Prism Corporate Broking.
Flint IT was established in 2005, since then the company has grown in size, to support over 1,500 users, and in reputation, trusted to deliver consistent high-quality IT support and advice to their clients from their office in Bedfordshire.
Virtual IT was established a few years earlier than Flint IT in 2002. It provides a range of services to allow companies to fully outsource their IT support, or choose services to complement their existing IT resources. The North West London based company, which prior to the acquisition supported over 6,500 users, has built a reputation for innovation and shares a similar customer-centric philosophy to Flint IT.
The team at Prism introduced the companies last year. Peter Watson, Managing Director at Prism says, “From the outset we believed this was an excellent match, both companies share similar ethos in terms of quality of service offering and client satisfaction, and a similar pragmatic approach to resolving issues and getting this over the line.”
Flint IT will operate as a subsidiary of Virtual IT leaving Jeremy Curtis continuing as Managing Director, and working directly with David Somen, Virtual IT’s own Managing Director. The team will continue to provide IT support from the Dunstable office.
Jeremy comments, “Although it is business as usual, with added resource following the acquisition we hope we can further enhance our service to clients. We plan to improve client relationships by working more closely with customers through a team of experienced account managers and this will go hand-in-hand with the ability to offer more strategic advice to help our clients even further.”
“We are grateful to Prism Corporate Broking”, adds Jeremy, “Their initial involvement was in the form of an Option Review back in March 2015 – identifying the key factors that affect valuation and saleability. We worked together to build value, finally approaching the market in late 2016. We are delighted with the outcome”
The sale formed part of a five year strategy for Flint IT to build, grow and sell by end March 2017.