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20 Oct 2006
Following Netstore’s admission last week that it was mulling over a bid for VAR ICM Computer, an official offer has yet to be made.
Netstore describes itself as an IT managed services company offering support to medium-sized companies that want to reduce costs by outsourcing all of their IT requirements.
In a statement, the managed services provider said: “Following the recent movement in ICM’s share price, Netstore confirms that it expects shortly to approach ICM regarding a possible offer for ICM. There can be no certainty that any offer will be forthcoming. A further announcement will be made as appropriate.”
The news appeared to come as a surprise to ICM, which issued its own statement to CRN in response: “The board of ICM has neither sought nor received any such offer or proposal from Netstore.”
It added that shareholders were advised to take no action at this stage.
Analyst firm Ovum said it has always considered ICM to be a potential acquisition target for numerous IT services players.
Kate Hanaghan, analyst at Ovum, said: “ICM has recently tweaked its positioning by pushing its business availability message closer to the fore. Its focus is predominantly on the smaller end of the market, but it also serves larger customers at its business continuity [BC] operations in City locations.
“We can see the attraction for Netstore. In addition to the BC business, the companies target similar customers, so there’s an opportunity for cross-sell. Furthermore, Netstore last year proved it can make a success of acquisitions. Our reservations relate to how Netstore would ‘do the deal’. In terms of revenue, Netstore is only half the size of ICM.”
>> Further reading:
Netstore secures EMS acquisition
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