Arrow Business Communications Limited has acquired Altinet Ltd, a Leeds-based provider of IT security and storage services.
Altinet has over 400 customers and has deployed a range of cyber security and storage solutions into both the private and public sectors. Arrow recently secured investment from MML to rapidly evolve its offering, and this acquisition looks to push forward its next phase of growth.
Altinet directors and employees will continue to work within the Arrow group, ensuring a smooth transition for existing customers. Daniel Bailey and Henry Doyle, founders of Altinet, will continue to lead a number of key customer relationships and day-to-day activities.
Richard Burke CEO of Arrow, commented, “With its strong cultural alignment to Arrow, expertise in cyber security and impressive sales-oriented approach, Altinet represents the perfect first acquisition following the investment in Arrow by MML.
“I am excited by the possibility of offering the broader product portfolio into the combined customer base and extending Arrow’s IT capability. I’m sure Dan, Henry and all the Altinet team will continue to thrive with the additional support of the wider Arrow business and I look forward to welcoming them all to the team.”
Arrow was assisted by Kemp Little and RSM, with Altinet being advised by KPMG and Walker Morris.
KPMG’s Graham Pearce added, “The completion of this deal, in the current circumstances, illustrates not only the strength of the businesses involved but the resilience of the technology sector. The transaction enables Arrow to boost its existing IT services capability, progressing its diversification strategy.
“I expect to see other examples of this in the market as cyber security services are only going to grow in importance, as well as offering an attractive degree of adjacency to communications and wider IT services.”