Teneo as pleased as Punch with iSimile buy-out

Carey: iSimile has substantial expertise in enterprise management

VAR Teneo has leapt into the acquisition game after snapping up Swindon-based networking and security reseller iSimile.

Teneo banked £9.2m in revenue for the year to 30 June and has targeted 25 per cent growth this year. ISimile, which resells kit from vendors including CA, netForensics and Bluecat Networks, has an annual turnover of about £1m.

Teneo claims that the deal will provide lucrative cross-selling opportunities, adding that iSimile's technical security know-how would prove beneficial. The Reading-based Riverbed specialist is targeting more professional services revenue to help fulfil its growth plans.

Leigh Collett, managing director of iSimile, has the task of heading up the group's professional services operations. “Bringing iSimile within Teneo gives both companies an excellent opportunity for future growth as we capitalise on each company’s expertise," he said.

"We know that this will benefit our existing iSimile customers as it enhances the support, resources and product breadth that they demand. We look forward to quickly integrating our business within Teneo to realise our combined synergies and push for growth.”

The acquisition is Teneo's first and chief executive Piers Carey claimed they could continue to pursue other buy-out opportunities. "ISimile has substantial expertise in enterprise management, a dedicated team of professionals and many blue-chip customers," he said. "We believe that iSimile will benefit significantly from being part of Teneo as we both look to expand our solutions offerings and deliver our growth strategy.”