Isle of Man communications provider Manx Telecom is buying IT managed services provider Synapse360, which operates on both the Isle of Man and in the UK.
Synapse360, which is privately owned, was established in 1999 and currently employs just under 40 staff based in Douglas, Isle of Man and Manchester. The company will continue to operate under the Synapse360 brand and under the direction of its existing management team, including founding managing director Colin Sheard.
Synapse offers desktop and disaster recovery as-a-service along with network security and hybrid cloud services through partners including Dell EMC, VMware, Cisco, F5 Networks, Microsoft and Citrix. Customers include London Luton Airport and Stockport College.
AIM-listed and £82m-turnover Manx Telecom last month recommended that shareholders accept a £256m takeover bid by investment firm Basalt Infrastructure Partners.
Gary Lamb, Manx Telecom CEO, said: “This acquisition [for an undisclosed sum] makes sense from every angle. The ‘fit’ between both companies is an excellent one, each having complementary skills and expertise, plus a shared vision of the future.
“It also comes at the right time as we both look for continued growth in the fast-developing B2B cloud managed services sector in the UK and on the Isle of Man.”
While Synapse360 will continue to operate as an independent company, it’s anticipated that, where appropriate, the two companies will share skills and expertise in order to strengthen each other’s offering in areas of potential growth.
Synapse360 managing director Colin Sheard said: “Manx Telecom’s ownership will underpin our ability to provide our current range of products and services, and in the long run the backing of a larger entity such as Manx Telecom will provide capital and other resources which will enable us to widen our product and services portfolio.”