Mergers and Acquistions News
Categories: BPO
October 14th 2008, 15:02PM
London-based business process outsourcing firm the Capita Group has announced the acquisition of ABS Network Solutions (ABSNet).
The FTSE 100 company will make a net cash payment of £13.6 million for the IP business solutions provider, which has strong links with VoIP services giant Cisco Systems.
Chief executive Paul Pindar suggested that the Cisco relationship is one of ABSNet's strongest characteristics and "will enable cost savings in spend on equipment across the Capita Group".
"The acquisition of ABS Networks will enhance and broaden Capita's position in the network services market," he added.
Capita has grown year-on-year since its inception in 1984 and reported turnover of £2.07 billion in 2007, resulting in pre-tax profits of £228.7 million.
Over the same period, ABSNet generated £17.1 million turnover, which equated to approximate profits of £1.6 million.
It currently employs 56 workers based in Crawley, while Capita's workforce of 29,000 is spread across about 300 different sites.
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