Mergers and Acquistions News
Categories: IT Services & Consulting
December 22nd 2008, 16:02PM
Xploite, an IT services firm, has acquired four managed services businesses from Cantono.
Under the terms of the £3 million deal, Xploite has taken control of Cantono's Blue River unit and the business and assets of MSN Subsidiaries.
According to Cantono, it divested the four concerns in order to focus on its data centre operations.
Xploite chief executive officer Ian Smith said: "The acquisition is expected to be immediately profitable, and will become earnings enhancing after integration which is anticipated to take eight weeks."
Eamus Halpin, his counter part at Cantono, added that the agreement was entered into to ensure that the best interests of shareholders were met.
The firm should now be well placed to meet the growing demand for data services, Mr Halpin added.
Last week, it was revealed that private equity firm Manhattan Software had received approval from more than half of MYOB shareholders for its takeover of the Australian firm.
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