PE-backed digital transformation firm continues acquisitive growth
Mon, 17 Apr 2023 | BUSINESS SALE
FourNet, a digital transformation and customer experience company backed by private equity firm Palatine, has continued its M&A driven growth with the acquisition of a Derby-based cybersecurity business. The acquisition of Nowcomm is FourNet’s third in as many years and second since it was backed by Palatine, with further deals being targeted.
Nowcomm was founded 18 years ago by Mark Lamont and James Baly, employees of US technology giant Cisco. The company, which specialises in cybersecurity, network infrastructure and collaboration, is one of the largest Cisco partners in the UK.
The acquisition follows FourNet’s takeovers of voice and data recording company ComputerTel in 2021 and infrastructure and security firm C>Ways in 2022. Palatine senior Investment director James Painter said that "adding capability through strategic M&A is a key part of FourNet's growth strategy with Nowcomm representing the second acquisition since our initial investment".
Painter added: "This acquisition will enable FourNet to expand its offering to customers and we are keen to support the group in making additional acquisitions in the future."
FourNet co-founder and chief executive Richard Pennington said: "As one of the leading Cisco partners in the UK, [Nowcomm] bring with them a wealth of specialist skills and expertise which will enable us to provide a significantly enhanced cybersecurity, networking and collaboration offering to our customers - from central government to blue light and other critical services.”
"With the post-covid convergence of the IT and communications marketplace and the increasing pace of digital transformation, it also provides Nowcomm with access to a broader spectrum of solutions and customers.”
"Today's strategic acquisition, and the ones to follow, will enable us to maintain our position as the partner of choice for public sector and enterprise customers. With FourNet, customers can be assured we have all the IT, security, communications and customer experience expertise, coupled with our 24/7 dedicated technical support teams, to help digitally transform their business."
Read about some of the factors driving the growth in cybersecurity M&A over recent years.
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