IBM Global Financing has landed its first European investment deal by helping one of its resellers conduct a management buyout.
Croydon reseller Technology Business Computers (TBC) recently completed negotiations to embark on its MBO. Details are due to be announced this week on how the financing deal will further its growth, but it is expected that it will include specific initiatives to develop the company's internet and customer relationship management operations.
The deal, brokered by KPMG, marks IBM Global Financing's first European deal. TBC was founded as Personal Computer People in 1984. It is recognised as an IBM premier reseller and leading centre for AIX and Windows NT.
It is also a reseller for Oracle, Microstrategy, Microsoft and Hummingbird.
The management team leading the MBO was Jeremy Wilson, managing director; Sherif Darwish, technical director; and Steve Sole, sales director. The retirement of John Wright, the founder and ex-managing director of the reseller, made the buyout possible.
TBC's figures for the year ended 31 December 1998 revealed profit to be up 96 per cent to £1.15m and turnover up 62 per cent at £21.6m.
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