Thu, 11 Aug 2022 | BUSINESS SALE
IT and Managed Service Provider (MSP) Flotek has acquired Swansea-based IT firm Gower Business Systems in a deal that adds £1.2 million in revenue to its turnover. Gower Business Systems, which has been trading for around 30 years, is an IT provider, specialising in the legal and professional services sector.
The deal forms part of Flotek’s acquisitive buy-and-build growth strategy, through which it targets SMEs in South Wales and further afield to drive digital transformation. Flotek aims to help regional firms adopt and embrace new technologies which enable them to enhance their operations and services.
The acquisition of Gower Business Systems gives Flotek a new base in Swansea, along with its existing headquarters at The Maltings, Cardiff. This extended reach will enable the firm to further its aim of helping clients in South Wales embrace new technologies such as cloud computing.
Commenting on the acquisition, Flotek CEO Jay Ball said: “We are delighted that Gower Business Systems is joining Flotek. The team there has developed an incredible reputation over the last 30 years, being a certified Microsoft partner and working proactively to provide tailored IT and tech solutions to clients.”
“By integrating with Flotek, this enhances our delivery of dedicated care and support to SMEs, helping them adopt next generation technologies and delivering cost savings, scalability and growth.”
He added: “Our ambitious growth is centered around our fundamental values, to make sure we deliver services with expertise and passion. With people at our core, we have a clear vision of an employee-led, customer-focused business with a trusted name in the sector.”
Post-acquisition, Gower Business Systems co-founders Mark Wyatt and Mark Bowling will continue with roles at Flotek, along with the rest of the Gower team.
Mark Wyatt commented: “Having developed the business’ success during the past three decades, joining with Flotek is an exciting next step for the Gower Business team.”
“We very much share Flotek’s ethos of helping regional SMEs utilise complete IT support and technologies to reach their full potential and are excited to be a part of the business’ growth.”
Dealmaking firm GS Verde advised on the deal and is actively pursuing further acquisition opportunities to support Flotek’s ambitious buy-and-build growth strategy.
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This established IFA is assigned to one major platform ensuring a very smooth transition of client assets.
This is a highly profitable business with EBIT percentage of 33%, meaning money can be recouped quickly after a purchase.
With advisers and back-office staff in place, this business can be purchased and will keep running efficiently.
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