Evros Technology Group has been acquired by eir. Established in 1990, Evros employs 450 staff in Dublin, Cork, Waterford and Auckland.
Eir said that the acquisition will strengthen eir Business’s ability to provide end-to-end solutions across telecoms and IT services. Press speculation centred on a deal value of c.€80m.
Evros specialises in IT managed services and systems integration, including cloud services and cybersecurity. The group has an extensive partnership network with brands such as Microsoft, Dell and Citrix.
Evros group comprises several subsidiaries, among them Digital Planet, itContracting, Comsys, eSource and mySoftware.ie. The group’s current configuration has its origins in a 2008 merger between Hibernia Technology Group and Evros the Computer Centre, which became Hibernia Evros Technology Group. Since then, the group has rebranded and made several acquisitions.
Evros has grown into a considerable operation, with turnover of €79m in 2019 and a net profit of €3.4m. The group had net worth of €14m in 2019. According to the group this week, annual revenue grew to c.€90m in 2020 and EBITDA was €9m.
In Association with
The sale to eir will deliver a pleasing exit for Evros group shareholders Brian Larkin (33.3%), Bob Murray (33.3%) and John Kennedy (25%). Larkin is the group’s MD, while Murray is chairman and founder. Kennedy is commercial director.
Speaking about the deal, Martin Wells, managing director of eir Business, said that it creates Ireland’s largest tier one telecoms and ICT provider. “The combined business will be a one-stop shop for Ireland’s SME, enterprise and government organisations when it comes to world-class services and digital transformation,” he added.
Brian Larkin said that the deal will create huge opportunities for Evros group’s client base and staff. “We [will] develop the natural synergies between the two companies to deliver what will be an unrivalled communications and IT services portfolio into the Irish marketplace.”
The transaction is subject to clearance from the competition authority and the €80m deal figure is “subject to future business performance”.
Davy Corporate Finance acted as advisor to eir. Arthur Cox and EY also acted as legal and financial advisors to eir respectively. Evros Technology Group was advised by Fieldfisher and Grant Thornton.
Photo: eir CEO Carolan Lennon and Brian Larkin of Evros Technology Group. (Pic: Chris Bellew/ Fennell Photography)
