Sapphire Computer Systems sold to buy-and-build investor Project X
What's the deal? Sapphire Computer SystemsDealroom has a profile for this one. Try Dealroom →, an IT support company based in Westcliff-on-Sea, Essex, has been sold to Project X HoldingsDealroom has a profile for this one. Try Dealroom →, a buy-and-build group of managed service businesses. KBS CorporateDealroom has a profile for this one. Try Dealroom → advised on the deal, which was not disclosed in value.
Who's who? Founded in 1992, Sapphire provides IT system management, connectivity, support, and consultation services across the South East of England. It serves sectors including manufacturing, financial, and healthcare.
Project X, which has operations in London and Manchester, acquires, invests in, and scales established IT managed service businesses.
What's the endgame? The acquisition adds Sapphire to Project X's portfolio and widens the products and expertise available to customers. Sapphire's clients keep their existing service while gaining access to a broader range of offerings.
What they're saying: David Hickman, sales director of Sapphire, said Project X "demonstrated a safe pair of hands to take up the mantle." He added that the group could "offer a wider range of products, services and expertise."
Simon Newton, chief executive of Project X, said Sapphire "represented a great opportunity to add a well-established business to the group."
The deal reflects continued consolidation in the fragmented IT managed services market, where buy-and-build investors are rolling up established regional players to scale.
Read more: Insider Media
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