Nostra continues its 2023 purchasing spree to snap up Cork’s Compunet

21 Nov 2023

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Nostra has opened a cybersecurity hub in Galway and acquired three companies this year: Passax, Definitive Solutions and Voice & Data Solutions.

Dublin-headquartered managed services provider Nostra has today (21 November) announced it is purchasing Compunet, a Cork-based managed services provider.

Compunet is Nostra’s fourth acquisition this year. The company said the acquisition will boost its customer offering in Munster as well as contribute to its growth targets. It is hoping to increase annual revenue from €50m to €250m within five years.

As well as its Dublin headquarters, Nostra has offices in Cork and Galway. It has been on a strategic purchasing spree for some time now, having snapped up Tech Department, Emit, Brandon, Enclave and Passax. The company announced its acquisition of Galway-based telecoms and cloud tech player Passax in April of this year. Its two other 2023 acquisitions were Definitive Solutions and Voice & Data Solutions.

Nostra also announced the opening of a new cybersecurity hub and the creation of 35 new jobs in Galway in October. The 35 jobs are part of a wider hiring spree of 100 jobs in multiple locations.

Key to the company’s expansion and acquisition plans, has been its partnership with Phoenix Equity Partners. It teamed up with the UK-based investment firm in August. Kevin O’Loughlin, Nostra co-founder and CEO, said that the company’s year has been “marked by exceptional growth, featuring substantial investment”.

“With Cork’s rapid development as a key European hub, we are excited to invest in and foster the region’s innovative capacity and economic dynamism,” he added.

Compunet directors Tony Healy and Jason Burns will remain in their leadership roles under the new structure. O’Loughlin said that both have “done a fantastic job building a highly respected team and reputable IT managed services business”.

“We’re looking forward to working with them to integrate the business into the Nostra group as we continue our growth journey together,” he concluded.

Burns and Healy said Nostra’s vision aligned with Compunet’s and they looked forward to building “a strong partnership” with Nostra.

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Blathnaid O’Dea is Careers reporter at Silicon Republic