Established in 1995, Powernet specialises in data connectivity, hosting services and IP telephony for its business client base. For Timico, the acquisition will serve to accelerate its growth plans, bringing a high quality client base and further expertise in managed IT and network solutions for mid-market corporate customers.
"The acquisition of Powernet is a perfect opportunity for Timico. It gives us further scale to meet the growing need for fully managed IT and communications solutions, whether they be Private Wide Area Networks or hosted data centre solutions. With its impressive focus on research and development and its investment in a similar infrastructure to our own, we share the same kind of commitment to providing our customers with leading edge technology solutions and fantastic service” said Tim Radford, Chairman, Timico Technology Group.
Powernet have Network Operations Centres in Milton Keynes, London and Manchester and employ 30 staff across these locations. Powernet’s CEO, Tony Tugulu, was one of the founders of the business, alongside Non-Executive Chairman, Dennis Silverton, who has been heavily involved in the business from the outset.
Commenting on the acquisition, Tony Tugulu said: “By becoming part of the Timico Group we are going to be in good company with like-minded industry experts who share a similar end goal. The synergies that will undoubtedly exist between us, will mean we are able to offer even better solutions and service to our customers, particularly in the managed networking and hosting space. As a team, we are looking forward to making a strategic contribution to the Group.”