London MSP completes second acquisition

Prime Networks also secures funding to continue M&A activity

London-based MSP Prime Networks has completed its second acquisition in two years after receiving additional funding.

The firm snapped up fellow MSP Control Escape to bolster its customer base.

Mark Simons, managing director at Prime Networks, told CRN that Prime has plans to acquire between three and five businesses over the next three years.

He added: "I am delighted to announce our second acquisition in recent years of Control Escape which will further bolster our team and widen our London client base in the SME and mid-market space.

"Control Escape shared our vision and service ethos and we are excited to be growing our team further with such a talented group of people and formidable clients."

Prime was born out of a reverse merger 2013, when its management bought the IT division of Modern Communications.

Prime's latest acquisition adds to its 2017 deal for MSP Constant IT.

Simons told CRN that the combined business will have sales of around £5m.

The firm has also bagged additional funding from Clydesdale Bank to continue its acquisition strategy.

John Palmer, director at Clydesdale Bank, said: "We are delighted to fund Prime Networks' latest acquisition of Control Escape.

"Prime has a strong management team and we look forward to supporting their continued M&A strategy in the future."