US tech company Presidio is snapping up Arkphire as it looks to expand its reach in Europe.
Dublin-headquartered IT procurement and services business Arkphire is set to be acquired by US tech company Presidio. The deal, announced today (19 November), represents further consolidation in the ICT services market.
Arkphire chief executive Paschal Naylor described it as a “hugely positive development” that would help the company expand its global reach and further evolve its service offering.
“We are in the business of enablement,” he added. “Being part of the enlarged Presidio family will open up many new possibilities and provide us with a natural partner to support the IT needs of our customers, regardless of where they want to do business.”
Arkphire and Presidio are both focused on digital infrastructure, cloud, security and other IT services. New York-headquartered Presidio has a presence in more than 57 locations across the US, with 2,800 employees serving around 7,300 organisations.
Presidio CEO Bob Cagnazzi said that the acquisition is expected to help his company scale in Europe and Asia-Pacific, where Arkphire has a growing presence.
Arkphire was established in 1979 and has since grown to become a €160m business with more than 250 employees.
Speaking to Siliconrepublic.com earlier this month, Arkphire chair Paul Nannetti said the company was “growing aggressively” and expanding operations in Europe and Asia. It now serves customers in more than 90 countries, with clients such as HubSpot, Asana and Wrike.
Arkphire said that the new change in ownership would have no immediate impact on its day-to-day business and members of senior management, including Naylor, will remain in their roles.
Completion of the transaction is now subject to approval from European and Irish competition authorities. The Irish Times reports that the deal is worth €120m.