New buy-and-build IT services vehicle makes first acquisition
SICL snapped up in new M&A roll-up
The channel's newest buy-and-build venture has made its first acquisition in the shape of Leeds-based VAR SICL.
MXLG is a joint venture between technology-focused investor MXC Capital and TV and broadband giant Liberty Global, and is aiming to build an IT services provider focused on UK SMEs.
Its maiden acquisition was part funded by a £2.35m equity injection into MXLG by each of its two investors.
MXC's other current investments include AIM-listed Cisco partner IDE, in which it owns 21.9 per cent, and Castleton, a supplier of software and managed services to the social housing sector in which it has a 24.5 per cent stake.
At the time MXLG was formed in November, MXC said it would make a series of acquisitions to create an "enterprise of scale".
SICL ranked 227th in CRN's Top 250 UK VARs, with revenues of £9m and operating profits of £1.2m. It provides its own private cloud services, as well as reselling Office 365 and Azure.
In this morning's announcement, Ian Smith, CEO of MXC said: "I am pleased to be able to announce the first acquisition by our joint venture with Liberty Global.
"SICL represents the first step in MXLG's strategy of building an IT services provider focused on small and medium-sized business customers within the UK. We are excited to have commenced this journey."