Prism Facilitates Sale of velos-IT to Velocity Technology Solutions Inc.

One of the UKs leading ERP application managed services providers has been sold to US cloud applications services company Velocity, in a deal brokered by Cambridge based Prism Corporate Broking.
By: Prism Corporate Broking Ltd
 
CAMBRIDGE, U.K. - May 9, 2013 - PRLog -- Headquartered in Glasgow, velos-IT provides Oracle ERP hosting and support services to enterprise customers worldwide. Established in 2004 the business has grown rapidly, employs c100 staff and has an enviable client base of mid to large size corporates.  

The four founding directors and shareholders approached IT M&A specialists Prism Corporate Broking to review their options and subsequently engaged them to help market the business. Prism established keen interest from a number of potential trade buyers and private equity investors, including Velocity, the leading cloud-based managed application services provider in North America. Velocity, who had themselves recently become a portfolio company of the global leader in private equity investments, were keen to establish a European foothold.

Synergies between velos-IT and Velocity, not to mention their spookily similar names, coupled with the obvious financial strength gained from their new backer, established Velocity as the preferred bidder. Financial terms of the transaction have not been disclosed.

Peter Watson, managing director of Prism Corporate Broking comments, “From our first meeting with David Smithers, Finance Director at velos-IT, we could see the attractiveness of their well-managed and successful businesses, especially with the long term contractual revenue stream, sought after customer base and clear future potential. We have enjoyed working with velos-IT and are pleased that we have been able to bring this deal to fruition.”    David Smithers adds “Peter and the team at Prism were confident from the start that we could achieve our aspirations and have secured a deal value and structure that ticked every box.”

Tom Bruno, CEO of Velocity, comments “Velocity and velos-IT share more than a name. The core values are the same and both have a reputation for technology innovation and customer service,” He adds; “The acquisition of velos-IT furthers our global services footprint and immediately strengthens and expands our Universal Cloud Services offering. We are excited to serve the European market and enthusiastically welcome the entire velos-IT team into the Velocity family.”  

Jim McInnes, founder and Managing Director of velos-IT and now Velocity’s General Manager, Europe says, “We are excited by the opportunity to leverage the knowledge and technical expertise of Velocity and velos-IT across the expanse of Universal Cloud Services and extend a compelling offering for our current and future customers.  He adds, “In short, joining Velocity further fuels our path toward providing industry-leading application services. We will continue to provide the exceptional level of service that has made velos-IT one of the UK’s fastest-growing IT services companies.  And, extend our capabilities both geographically and by offering Velocity’s Universal Cloud Services.”

- Ends

Editor information:

Dated: 9th May 2013

For immediate release

For more information contact Sarah Parks at Green Leaf Marketing on 01359 272512 or email sarah@greenleafmarketing.co.uk, or contact Prism on 01638 743123.

About Prism Corporate Broking – www.prismcorporatebroking.com

Prism Corporate Broking is a corporate finance boutique, specialising in Mergers and Acquisitions in the small to mid-market, working primarily with owner managed businesses in the £1-20m valuation range. The business has a particular focus on the Information, Communication and Technology sector and operate from offices just outside Cambridge, UK.  

About velos-IT – www.velos-it.com

Founded in 2004, velos-IT is one of the UK’s fastest-growing IT services companies and employs approximately 100 in Glasgow, Scotland.  The velos-IT customer base crosses multiple industries and ranges from mid-market through enterprises with revenues exceeding £3 Billion.  velos-IT serves organisations with operations in 25 countries.  Their services include 24/7 support of business applications and IT infrastructure, systems integration, application deployment, upgrades, and custom software development.  Expertise includes Oracle’s JD Edwards and E-Business Suite, and QlikView business intelligence software.

About Velocity Technology Solutions – www.velocity.cc

Velocity Technology Solutions is the leading provider of cloud-based Managed Application Services and Managed Disaster Recovery Services.  It is dedicated to lowering operational costs, providing industry-leading service levels and improving software performance while reducing the burden on IT staff and enabling deployment flexibility.  Velocity provides virtual private cloud solutions for enterprise applications with high levels of performance.  Expertise managing software 24/7, combined with proprietary technology that enhances availability, security, and control, make Velocity the trusted partner for rapidly and securely deploying application investments into a secure and resilient virtual private cloud.  Velocity is headquartered in New York with facilities in Minneapolis, Seattle, Denver, Tampa, London (Canada), Glasgow (Scotland).  Velocity is a portfolio company of Silver Lake Sumeru, a global leader in private equity investments in growth-oriented technology and technology-enabled companies (for additional information on the firm and its entire portfolio, visit www.silverlake.com).   For more information on Velocity: visit www.velocity.cc.
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Source:Prism Corporate Broking Ltd
Email:***@greenleafmarketing.co.uk Email Verified
Tags:Cloud, Erp, It Services, Managed Services
Industry:Internet, Computers
Location:Cambridge - Cambridgeshire - England
Subject:Mergers
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