‘We’re hungry and ambitious’: Prime Networks co-founder and CEO on Quintech swoop and M&A strategy

The buyout represents “a retirement event” for Quintech’s leadership team

Prime Networks has purchased Gloucestershire-based IT services firm Quintech to boost its national footprint and onboard new clients and technical talent.

This represents the company’s seventh acquisition since its launch in 2013, and the sixth one since it secured a debt funding package from Clydesdale Bank in 2018.

CRN spoke with Mark Simons, Prime Networks’ CEO and co-founder, to discuss how this acquisition strengthens the company’s operations and fuels its expansion ambitions.

In terms of people, the investment brings about 18 new employees, increasing its headcount to over 70 people.

It also represents “a retirement event” for Quintech’s leadership team.

“They'll remain with us for at least two years, and they'll help aid the transfer of the operations, the relationships, and they'll pay a play a key role in the integration as well.”

The company will rebrand to Prime Networks, as the organisation’s M&A strategy is always full integration, explains Simons.

He also reiterates that if the opportunity is right, the company would go anywhere in the UK – but its ambitions currently don’t extend internationally.

“It's about the right culture, the right ethos, the right technologies, and it has to be a business where we can add value.”

“It's a big market, so whilst buy and build has been prevalent in this space for a long time, there's still an awful lot of consolidation to go.

“No need to look further afield just yet.”

In addition to the debt funding package from Clydesdale Bank, the MSP’s hunger for acquisitions is driven by a strong organic push, according to Simons.

“Prime broadly does about ten per cent organic growth year-on-year,” says the CEO.

“That's derived from net new logo customers that come in, and predominantly through good cross sell and upsell.”

Looking ahead, the organisation has a pipeline of acquisitions and continues to seek for the right opportunities.

“We've got a long runway ahead of us.

“We're hungry and ambitious.

“The future for us is more of the same, it’s focused on the right acquisitions and driving organic growth.”

The company also views the acquisition as a milestone toward becoming the go-to MSP for SMEs, already serving more than 500.

Simon believes there is the opportunity to provide enterprise level products and services to SMEs in the UK by delivering local regional hubs and maintaining a local presence.

Over the last eight years, the company has acquired Constant IT, Control Escape, G3 Solutions, Our Tech Team, TNSC, and Solution Support.