Vodat Communications Group, which is backed by Maven Capital Partners, has made its first bolt-on acquisition by acquiring IT business Axonex.
Vodat, which is based in Stockport, provides communications solutions including secure data networks, cloud services, Wi-Fi and IP Telephony to UK businesses.
Axonex is a specialist IT solutions, services and support provider based in Cheltenham. The acquisition marks the first step in Vodat's plan to become a one stop shop for ICT technology as businesses move to cloud based applications.
Both businesses will continue to operate from their existing offices. The three Director shareholders of Axonex will all remain with the business and become shareholders in the enlarged group.
Maven backed the management buyout of Vodat in 2012 and its Investment Director Ryan Bevington sits on the Vodat board.
Neil Poultney, Managing Director of Vodat, 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, Managing Director of Axonex added: “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.”