In addition LMS have taken a 12.5% equity interest in 365 iT. 7global, based in Liverpool, was originally formed in 1999 and has developed a portfolio of fully managed IT services specifically aimed at software vendors and end user organisations that wish to take advantage of Software as a Service (Saas). The acquisition strategically enhances 365 iT’s capabilities in the fast evolving IT managed services sector. It also strengthens 365 iT’s business relationships with key global IT providers which include Microsoft, Cisco and Citrix.
"This acquisition is an excellent fit for 365 iT” said Peter MacLean, chairman and chief executive. "It strengthens our strategic position within the IT managed services sector, whilst also extending our product portfolio, our client base and our geographical presence. The combined focus of the enlarged 365 iT Group will enable us to further develop our strategy of rapidly expanding our revenue and market share.”
MacLean concluded; “The Group’s capabilities are further enhanced by the substantial technical talent and strong customer support attitude that is prevalent at 7global."
“We remain positive about 7global’s prospects as a leading Saas infrastructure provider in the UK. 365 iT is well positioned to accelerate 7global’s growth, thanks to its scale and complementary service offering. Therefore we are delighted to become
a shareholder in 365 iT in order to share in the profitable growth of the combined business” said Pieter Hooft, MD UK Investments LMS Capital plc.
“This acquisition is an important development for all our customers and employees” said Chris Bithell, Managing Director of 7global. “I am personally very excited about the opportunities the future holds for us and am very confident that 7global will play a major role in the development of 365 iT.”