Vodat /Axonex deal announcement
28th November 2017
Vodat Communications Group (Vodat), backed by Maven Capital Partners and HSBC, has extended its ICT capability with the acquisition of Cheltenham based Axonex Limited, a Cisco Gold Partner.
The two businesses are joining forces to form a group with an enhanced solution set that will benefit both customer bases and create an excellent platform for increased organic growth.
Both businesses will continue to operate from their existing offices in Stockport and Cheltenham respectively. The three Director shareholders of Axonex will all remain with the business and become shareholders in the enlarged group.
Neil Poultney, Vodat Managing Director, said “Like Vodat, Axonex have an excellent reputation with customer service at the heart of everything they do. Their skills and capabilities are complementary to Vodat’s, so both sets of clients will benefit from a more comprehensive solution set. The enlarged group will also be better placed to win new business through an extended offering”.
Andy Peters-Smith, Axonex Managing Director, said “These are very exciting times for Axonex. There are clearly synergies for both companies which can only enhance the services for our customers. The last 12 months has seen us double our headcount and move to new offices. We have experienced significant growth during this period, with revenues increasing by 68%. Vodat Group’s combined resources and extended skill set will position Axonex for the next phase of its growth.”
Axonex is the first acquisition for Vodat, and accelerates its aspiration to become a one stop shop for ICT technology as businesses transition to cloud based applications. The group’s core objective is to continue to increase growth through increased capability, organically and through further strategic acquisitions.
RSM’s team, including James Wild and Matt Ritchie, advised the shareholders of Vodat on the acquisition. James Wild, corporate finance partner, said: “The deal brings together two businesses that can benefit from each other’s capabilities and reputations in their respective markets. The newly enlarged group, with an enhanced product and service offering, is well positioned for future growth.”
Paul Johnson, Corporate Partner and Rachel Clarkson, Associate at Ward Hadaway led on the legal aspects of the transaction. Paul said “It is the first time we have acted for the group and we are absolutely delighted that Ward Hadaway has played its part in making this deal happen. We look forward to seeing the enlarged Group’s business continue to grow.”
A team from HSBC Commercial Banking, led by Relationship Director Josh Garrigan, provided a seven-figure funding package to support the deal. Sam Roden, HSBC’s Area Director of Greater Manchester, said: “We are pleased to be supporting Vodat as it joins with Axonex and begins a new chapter in its history. Both businesses are growing rapidly and with this strategic partnership they are set increase their market share and range of services. We look forward to seeing the businesses continue to flourish.”