Dublin IT provider Provident Technology acquired by InTec Group

25 Jan 2022

Provident Technology CEO John Malone. Image: InTec Group/Provident

The acquisition is part of InTec’s growth strategy and marks its first move into the Irish IT services market.

InTec Group has acquired Dublin-based IT services provider Provident Technology Ltd as the company makes its first move out of the UK and into the Irish market.

Manchester-based InTec said this acquisition will further extend its ICT reach into a new market. Provident Technology is the ninth business to join the group and the first of many acquisitions planned for 2022.

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InTec said it is building a network of telecoms and IT partners to expand its product and service portfolios. It supports a range of business applications including IT managed services, IT infrastructure support and hosted collaboration.

“This is the next step in our acquisition programme and a great start to 2022,” InTec CEO Simon Howitt said.

“We are impressed with what Provident has achieved in the past and I am looking forward to working with Colin and his team to further develop their exciting plans in Ireland.”

Established in 2000, Provident Technology offers managed IT services for companies of various sizes, with clients such as Kora Healthcare and FDC Group.

The Irish company’s shareholders will remain with a minority share interest. Managing director of Provident, Colin O’Callaghan, will lead business operations and will be retained as a director.

Provident Technology CEO John Malone said the company is excited to join InTec Group at a “pivotal time” of growth.

“Bringing a new Microsoft Gold Partner to the heavily consolidated Irish market will introduce some healthy competition. Provident and InTec’s respective skills and services complement each other, and we have the opportunity to leverage each other’s expertise across the UKI market to accelerate group growth,” he added.

“The synergy between our businesses will allow us to deliver forward-thinking digital transformation plans for all our customers.”

Financial advisory FinRes guided the Dublin-based company on the transaction and will work with InTec on sourcing more opportunities in the Irish market.

As well as snapping up Provident, InTec announced the acquisition of Glasgow-based Firefly Cloud this week.

InTec has been funding its acquisition strategy with the support of a £7.7m royalty financing agreement made with Duke Royalty last June. The company received a £2.2m follow-up investment last September.

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Leigh Mc Gowran is a journalist with Silicon Republic