Waterford-based managed IT services provider HCS has been acquired by Centric360, the investment vehicle jointly owned by Pamela Farrell and Brian Larkin. Terms of the deal were not disclosed.

Centric360 plans to invest in HCS next year to expand its service portfolio and staff.

HCS currently offers cybersecurity, cloud, digital transformation and telecoms services to clients in financial services, healthcare, hospitality, pharmaceutical, and manufacturing sectors. 

HCS, which has offices in Waterford, Dublin and Cork, has more than doubled its annual turnover from €3.5m to €8m since 2020.

The company has also doubled its employee numbers from 24 to 50, and invested heavily in automating its sales and services systems.

Farrell and Larkin, who are former directors of Evros Technology Group, which was acquired by Eir four years ago, intends to enhance and scale HCS's service portfolio and expand its sales and professional services teams to deliver an end-to-end offering with a best-in-class customer experience.

Their aim is to build on the company's growth by shifting focus from SMEs and the mid-market space to include larger enterprises.

By expanding HCS's service offering, Centric360 intends to meet the rising demands of existing and future customers.

New roles will be created at all three of HCS's offices, and the company will invest in the professional development and progression of the existing team.

The acquisition also includes the purchase of the HCS headquarters in Waterford, and the current HCS owners and directors (Seán Hegarty, Dan Hegarty and Neil Phelan) will continue in their roles.

“It was important for us to join forces with people who understand our brand and history. Together, we hope to continue driving growth not just for the business but for our employees and customers too," said Phelan, CEO of HCS.

"Pamela and Brian bring extensive industry experience, strong professional reputation, and a proven track record in leadership and business expansion.

"Combined with our high-quality services, excellent client relationships and talented team, we look forward to elevating HCS to the next level.”

Farrell will assume the role of managing director, and Larkin will serve as chairman.

Prior to the Eir sale, Evros Technology Group employed a 400-strong team and brought in annual revenues of €100m.

“It was clear from the moment we met with HCS that we shared similar values and vision for business," said Farrell.

"With the alignment of culture and expertise, we look forward to further investing in operations, expanding the company’s capabilities, and bolstering the team.

"In turn, we intend to open up new opportunities while building on the organisation’s existing legacy of delivering transformational, innovative services which customers can trust.”

Photo: (l-r) Pamela Farrell and Brian Larkin, owners of Centric360; and Neil Phelan, HCS CEO. (Pic: Supplied)