trending Market Intelligence /marketintelligence/en/news-insights/trending/Pu9n9u8u5rO6HxxQVT2esA2 content
Log in to other products

Login to Market Intelligence Platform


Looking for more?

Contact Us

Request a Demo

You're one step closer to unlocking our suite of comprehensive and robust tools.

Fill out the form so we can connect you to the right person.

  • First Name*
  • Last Name*
  • Business Email *
  • Phone *
  • Company Name *
  • City *

* Required

In This List

Cancom to buy UK IT company Novosco Group

South Korean Multichannel Industry To Survive With Right Strategies

South Korean Telcos Drive Next Wave Of Growth Through Home IoT Opportunities

Mining Exploration Insights: Financing Falls To 8-Month Low In October

Taking Advantage of Issuance Trends in 2020

Cancom to buy UK IT company Novosco Group

German IT integrator and services provider Cancom SE, through U.K. unit Cancom Ltd., agreed to buy Belfast-based peer Novosco Group Ltd. for about £70 million.

Under the deal, Cancom SE paid £60 million in cash and a 7.5% stake in Cancom Ltd. to Novosco's owner-sellers, according to S&P Global Market Intelligence data.

About 300 Novosco staff will join Cancom's workforce post deal completion, with Novosco's sellers remaining active in the company's operations. Novosco co-founder and sales director John Lennon will become joint managing director of Cancom Ltd., sharing the role with Managing Director Martin Hess. Novosco's other co-founder and Managing Director Patrick McAliskey will remain a shareholder and adviser to Cancom Ltd.

Cancom expects the acquisition to expand its managed services capabilities and beef up its market presence in the U.K., while also gaining direct access to the Irish market.

The transaction came as Cancom reportedly evaluates its options amid recent takeover approaches from private equity firms and bigger peers in the IT industry.

Novosco offers managed services, cloud-based services, IT consulting and support to a range of customers, including public, private and voluntary sector organizations.