IT Lab acquires Microsoft partner to hit £85m revenue
Acquisition is IT Labs' fourth in as many years
IT Lab has continued its acquisition streak by completing a deal for £9m-revenue Microsoft partner Sol-Tec.
Sol-Tec is a public sector specialist and counts the Department for Work and Pensions, HMRC and the Department of Education among its customers.
IT Lab CEO Peter Sweetbaum (pictured) said: "Sol-Tec is a true Azure expert, with market leading expertise in the design, deployment and configuration of secure and compliant Azure environments.
"We are incredibly excited to add Sol-Tec's award-winning Azure expertise to our market leading Modern Workplace and Dynamic 365 practices, further solidifying IT Lab as one of the UK's leading Microsoft focused cloud services and solutions providers.
"Having the ability to deliver the functionality that Microsoft cloud centric services can provide, particularly at this pivotal and challenging time is key for our clients."
Sol-Tec reported sales of £9.2m for the year ending 30 June 2019, down nine per cent on the previous year.
Meanwhile IT Lab saw sales rocket 28 per cent to £51.7m during the year ending 31 March 2019.
This is the firm's fourth acquisition in as many years, having snapped up Perspective Risk in 2017, Content and Code in 2018 and Mirus in 2019.
The deals have come since it took on private equity investment in 2016.
Sales for the combined business are now £85m, IT Lab claimed.
Sol-Tec CEO Nik Topham will remain with the business, while CTO Paul Collins will oversee the groups Azure business.
Topham said: "IT Lab was the natural home for Sol-Tec, with its dedicated focus on Microsoft and the deep expertise already established across modern workplace and Dynamics 365, Sol-Tec's exceptional Azure capability complements and strengthens the ability of IT Lab to help our combined clients truly leverage the power of the Microsoft Cloud.
"In addition to this being a great capability fit from our client's perspective, our cultures, ethos and ambitions align perfectly."