Vodat Communications Group has acquired Cheltenham-based Cisco Gold partner Axonex to boost its ICT capability.
Backed by Maven Capital Partners and HSBC, Axonex is the first acquisition for Vodat, which stated that both businesses will continue to operate from their existing offices in Stockport and Cheltenham.
The three director shareholders of Axonex will all remain with the business and become shareholders in the enlarged group.
Vodat claimed the Axonex acquisition "accelerates its aspiration" to have a more complete ICT technology offering "as businesses transition to cloud-based applications".
"Like Vodat, Axonex have an excellent reputation with customer service at the heart of everything they do," said Neil Poultney, managing director, Vodat.
"Their skills and capabilities are complementary to Vodat's, so both sets of clients will benefit from a more comprehensive solution set. The enlarged group will also be better placed to win new business through an extended offering."
Andy Peters-Smith, managing director, Axonex, said the last 12 months has seen the VAR double its headcount and move to new offices.
"We have experienced significant growth during this period, with revenues increasing by 68 per cent. Vodat Group's combined resources and extended skill set will position Axonex for the next phase of its growth," said Peters-Smith.
A team from HSBC Commercial Banking, led by relationship director Josh Garrigan, provided a seven-figure funding package to support the deal.
Sam Roden, HSBC's area director of Greater Manchester, said: "We are pleased to be supporting Vodat as it joins with Axonex and begins a new chapter in its history. Both businesses are growing rapidly and with this strategic partnership they are set increase their market share and range of services. We look forward to seeing the businesses continue to flourish."
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