The acquisition will help US-based Presidio to drive business expansion across Europe and Asia-Pacific.
Following formal approval from competition authorities, US-based Presidio has completed its acquisition of Irish IT procurement and services firm Arkphire.
The deal was first announced late last year and represents further consolidation in the ICT services market. According to The Irish Times at the time, the deal was worth €120m.
Speaking about the completion of the acquisition, Arkphire chief executive Paschal Naylor said: “We are looking forward to building a very strong working partnership with the team at Presidio, ensuring we expand our capabilities to deliver an even stronger service offering in response to our respective customers’ needs.”
Presidio’s CEO, Bob Cagnazzi, added that he was excited to combine the strengths of both organisations. “In particular, we will be seeking to leverage Arkphire’s experience, expertise and global footprint to provide Presidio with a platform to drive business expansion across both Europe and Asia-Pacific,” he said.
Arkphire and Presidio have a shared core business model focused around digital infrastructure, cloud, security and other IT services. Dublin-based Arkphire will now join the Presidio Group, while maintaining its Arkphire brand.
Presidio’s $3bn IT solutions and services business is present in more than 57 locations across the US, serving approximately 7,300 organisations across a diverse range of industries.
Since it was established in 1979, Arkphire has grown to become a €160m business with more than 250 employees. It now serves customers across more than 90 countries, with clients including HubSpot, Asana and Wrike.
In 2018, private equity firm Bregal Milestone invested in the Irish company, which enabled the business to expand. Arkphire went on to acquire Irish IT company Trilogy Technologies in December 2019 and Singapore’s Generic Technologies in April 2020.
Speaking to Siliconrepublic.com last year, Arkphire chair Paul Nannetti said the company was “growing aggressively” and had evolved from “a modest Irish brand to a global player”.