LONDON, UK: SysGroup plc (AIM:SYS) introduced the acquisition of 100% of the issued share capital of Truststream Security Solutions Limited, a quantity one supplier of managed cyber safety services based in Edinburgh.
The acquisition has been funded from the Group’s existing money resources supported by a brand new revolving credit score facility provided by Santander.
SysGroup has agreed to purchase 100% of the issued share capital of Truststream from Paul Sullivan, Bryan Thomson and others on a cash-free debt-free foundation for an preliminary consideration of £4.8m in money and a additional deferred money earn-out consideration payable following the primary and second anniversary of the transaction of as much as £3.075m, topic to the achievement of sure maintainable EBITDA efficiency targets within the primary and second 12 month periods following the completion of the acquisition.
Paul and Bryan will proceed of their present roles as a half of the broader SysGroup Plc team for a minimal interval of two years.
The acquisition additional enhances SysGroup’s service providing and is complementary to the Group’s core experience and key areas of focus. In addition, the acquisition will allow the Group to additional strengthen its UK presence by opening up Scotland as an attractive hub for the Group.
Recent investments in SysGroup’s enterprise systems and infrastructure are anticipated to allow Truststream to be built-in seamlessly into our single pane of glass enterprise intelligence platform.
Adam Binks, Chief Executive Officer, commented: “I am delighted to announce the acquisition of Truststream. The addition of Truststream to the Group additional helps our stated technique to become the main supplier of managed IT services to the UK mid-market. The enterprise strongly enhances our existing portfolio of services and has excessive ranges of recurring revenue.
In addition, cyber safety stays a key precedence for companies of all sizes as threats become each extra prevalent and extra harmful. Our end-to-end providing means that we can assist companies navigate the forever evolving technological panorama and supply better of breed options backed by the highest excessive quality of ongoing security, monitoring and support.
Our funding within the Group’s systems and infrastructure over the final few years means that we have the platform in place to have the ability to scale SysGroup and can proceed to identify additional complimentary acquisition alternatives in line with our stated strategy.
I’m excited to welcome the Truststream team and look ahead to working with all of them as a half of the enlarged Group.”
Established in 2011, Truststream is one of many UK’s quickest rising suppliers of skilled and managed cyber safety services. The global managed safety services market is forecast to develop by a CAGR of 7.9% through to 2027.
Truststream has a strong and rising client base throughout each the private and public sectors and is one of many UK’s main suppliers of safety transformation services. Its providing covers all aspects of cyber safety from evaluation and threat detection, through safety structure and implementation, to incident response and ongoing 24/7 support and training.
Truststream has constructed lengthy run sustainable relationships with key distributors and is recognized as a quantity one partner of choice for market main distributors by Gartner. Truststream has a variety of related safety accreditations, together with ISO 9001 and ISO 27001.
SysGroup Plc is a quantity one supplier of managed IT services, cloud hosting, cyber safety and expert IT consultancy. The Group delivers options that allow clients to profit from industry main applied sciences and delivers managed options with security, compliance and governance from the core. SysGroup focuses on a customer’s strategic and operational necessities – enabling clients to free up resources, develop their core enterprise and keep away from the distractions and complexity of managing IT services.
The Group has offices in Edinburgh, Liverpool, London, Manchester, Newport and Telford. www.sysgroup.com