Dublin-based technology solutions firm System Dynamics has acquired an IT company jointly owned by AIB and IBM. The acquisition of Resolution Technology will boost System Dynamics’ turnover by €3m and will see the company’s headcount increase by 40.
The acquisition is part of a strategy to give System Dynamics scale and growth in the finance, government and corporate IT markets and is the third major acquisition in the past by System Dynamics. Previous acquisitions include Connect Business Solutions in July last year and Maintenance Controller from ESBI Computing in November 2003.
Resolution Technology was set up in 1993 as a joint venture by AIB and IBM aimed at servicing and supplying their own IT needs. However, since then staff numbers have grown tenfold and its client base includes AIB, IBM and Ark Life.
System Dynamics was acquired by its current Managing Director, Tony McGuire and partner Sales Director, Conor McWade in 1996 and has increased turnover 15-fold from €1m in its first year to just over €15m in the eight years since.
The company is an IBM Business Partner and has been its largest software partner in Ireland for the last three years, winning the Irish IBM Software Partner of the Year Award for the last four years including 2004 and the IBM Northern Region Partner of the year Award in 2001.
Commenting on the acquisition, Systems Dynamics’ Tony McGuire said: “This move is part of our ongoing acquisition strategy, as we position System Dynamics as the leading player in our field. In the current market, consolidation is vital and while we will continue to grow organically, acquisitions remain essential to achieve the scale which enables us to compete at the very highest level in Ireland’s ICT market.”
By John Kennedy