Cybersecurity specialist Ekco has acquired IT services provider Unity Technology Solutions for an undisclosed sum.
Ekco said that the enlarged business will have over 500 staff and that annual revenue will exceed €100m.
Unity is a managed cloud services provider specialising in cybersecurity, infrastructure, applications and identity management.
With offices in Dublin and Cork and staff of 80, it has a strong Microsoft practice and a customer base that includes organisations such as Musgrave Group, SEAI, Sherry FitzGerald, the Residential Tenancies Board and Vodafone.
Unity Technology Solutions emerged from the ashes of Calyx in 2011. Led and owned by chief executive David Hargaden, Unity had turnover of c.€12.2m in FY21 and EBITDA of c.€1.6m
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David Hargaden commented: “I look forward to introducing Unity’s customers to the full portfolio of Ekco’s cybersecurity services and to joining the Ekco senior leadership team.”
Ekco has its head office in Dublin and operates in 15 European locations offering cybersecurity and cloud services, and says that its latest acquisition brings it “one step closer to its goal of becoming the leading security-first, cloud service provider in Europe”.
Chief executive Eoin Blacklock said: “Unity is a natural fit for Ekco and complements our commitment of helping organisations make the transition to secure cloud in a way that strengthens their business and accelerates growth. We’re ambitious for the new Ekco and look forward to bringing our clients the business benefits of our combined investment and technology innovation.”
Ekco has made several acquisitions over the past year. Most recently, Ekco acquired Kontex Security, and before that Ward Solutions.
It also completed three funding rounds, the most recent being a €20m round closed during the last 12 months.
According to Blacklock: “Our strategy of acquiring highly-specialised cybersecurity and cloud service providers will continue. We look for organisations with teams of highly-skilled technology professionals that have the same DNA as us and share our business ethos of providing a local, personal service that large-scale providers can’t.”
He noted that buying Unity is a particularly significant acquisition, as it “enhances Ekco’s service portfolio with the addition of Microsoft’s full technology stack, and offers Irish and European customers a strong value proposition across secure public and private cloud, backup and disaster recovery”.
Ekco was founded in 2017 by Blacklock and Jonathan Crowe. Shareholders include venture capital group ACT, Pageant Holdings investment group, and the private offices of wealthy families.
According to Renatus, Unity was advised on the disposal by an EY team consisting of Martin Treacy, Michael Murphy and Jonny Forde. A Flynn O’Driscoll team led by David Ryan, Declan Cunningham and Elaine Cully provided legal counsel, while Ciarán Medlar in BDO provided tax advice to the vendor.
Ekco took legal advice from Denton lawyers Shane O’Donnell and Ciaran O’Boyle, and Niall McCooey, Ekco's General Counsel. Deloitte advised on financial and tax due diligence.
