Metaphor IT Announces Its Third Acquisition Inside Fifteen Months
Metaphor IT, announces it has acquired Redhill based Tegen.
In May, Metaphor IT announced that it had acquired Virtual Workspaces following on from its July 2015 acquisition of Intellect Security. With both businesses showing strong organic growth, Metaphor has now added Tegen to the IT Solutions group to enable it to accelerate its growth. Group Managing Director, Richard Callis, believes that Tegen will enhance Metaphor IT’s managed services offering as well as present significant cross selling opportunities across the three businesses.
When announcing the acquisition of Virtual Workspaces in May, Callis said that he expected the group to double revenues within twelve months and complete a further acquisition. With Tegen joining the group, Callis now expects the group to see even faster growth, as its existing clients take on more services coupled with the acquisition of new clients.
Richard Callis, CEO, Metaphor IT:
“We are delighted to welcome Tegen to the group. We have been looking for a specialist managed services provider to add to the group and Tegen was a great fit. Intellect and Virtual Workspaces continue to organically grow revenues at an impressive rate and we will aim to continue this level of growth for these entities, including Tegen. Whilst our focus will be the existing businesses, we will continue to monitor the market for other organisations which would fit well into the group and enhance our portfolio further.”
Metaphor IT’s priority is continue to run the business as usual whilst accelerating the sales growth and discovering cross sell opportunities across all three businesses. The decision to acquire Tegen fits with our strategy of buying IT solution providers with strong recurring revenues who are specialists in their specific markets.
Richard Smith, Founder and Director, Tegen:
“We have invested quite heavily in all our back-end systems. A number of years ago we invested in Connectwise and Labtech for RMM and managed to streamline our processes from nine to three, which made it easy for us to then put ISO 20000 in place, it has been quite a long journey taking the firm to where it is now. We broke the £1m mark last year and we had growth strategies and initiatives to take it forward – however the acquisition accelerates that path a lot faster for Tegen.”