IT services company, IT.ie has acquired Abacus Systems, a south-Dublin based managed IT service provider, in a seven-figure deal.

Following the acquisition, the company is forecasting revenues to exceed its previous target of €8m, reaching €10m by year-end 2025.

The takeover will also see the firm's staff numbers rise to over 50 while its customer base is expected to grow by 50% to more than 500 clients.

The company, which was set up in 1992, works with public sector organisations, healthcare providers, and SMEs across Ireland.

It also helps clients set up technology solutions, such as managed services, cloud technologies, and cybersecurity.

The company said the acquisition was independent of private equity and was self-funded.

Eamon Gallagher, founder and Managing Director of IT.ie, said: “The acquisition of Abacus Systems marks a key moment in our success and is another milestone in our journey to becoming a leading force in the managed IT services space.

"It firmly strengthens our position within the market, allowing us to offer an even greater portfolio of services and deeper expertise to facilitate our growing customer base.

“The acquisition unites two companies built with the same core values.

"For us, the partnership goes beyond growth and is an opportunity to learn from one another and build on our existing expertise together.

"Our customers will receive the same exceptional customer service that they are used to, with the added bonus of expanded service offerings, deeper industry knowledge, and even more solutions tailored to meet their individual needs.

"Above all else, the success of our clients remains our top priority, and the acquisition of Abacus systems sets out to facilitate this further.”

While Derek O’Callaghan, Managing Director of the Abacus Division, said: “This acquisition isn’t just great news for our business, but also our customers. Regardless of size, every business needs to be a resilient, digital enterprise and we are proud to have joined forces with IT.ie to work as one team in delivering this for combined customer base.

"In terms of services and our cultures, we complement each other and are excited to be on this journey together.

“IT is becoming more complex and that is likely to see more pooling of resources of this kind.

"The IT industry is consolidating and getting stronger, and we are bringing that strength to our customers.”

Top pics: Left to Right Derek O'Callaghan, Managing Director of the Abacus Division, IT.ie, Eamon Gallagher, Founder and Managing Director, IT.ie, David McDonald, Sales Director, IT.ie, Eoghan Johnson, Business Development Director, IT.ie and Stephen Mullin, Technical Director, IT.ie