ICT provider PFH has acquired leading enterprise solutions firm RedStone Technology for €2.5m. The combined entity will employ 235 people and report annual revenues in excess of €55m.
Redstone Technology is Ireland’s leading provider of high-end enterprise storage and server solutions to blue chip public and private sector clients.
Redstone Technology, which was founded in the early 1990s and employs 55 people based in Dublin and other locations around the country, is regarded as the leading provider of business critical IT solutions in Ireland.
The acquisition of Redstone Technology follows a strategic decision by its parent company Redstone plc to reorganise its business and focus on the UK market.
PFH is Ireland’s largest independent information and communication technology (ICT) group and is also the country’s largest privately-owned single-source provider of voice, data and managed services solutions.
The company, which is headquartered in Dublin and has offices in Cork, Limerick and Galway, serves blue-chip customers across pharmaceutical, banking, manufacturing, government, education and health sectors.
“This is a strategic deal for PFH which significantly strengthens our position at the upper end of the market for high-spec enterprise storage and server solutions,” said PFH chief executive Paul Hourican.
“It also makes sense from a geographical point of view and it will enhance our capability in the greater Dublin and Leinster areas. In addition, it brings us into Northern Ireland for the first time, which provides a platform for PFH to be a true all-Ireland ICT solutions provider.”
“This acquisition of Redstone also strengthens our cloud computing and managed services capabilities. Both will be at the heart of the smart economy and we believe that the addition of Redstone Technology to the group will give PFH a compelling proposition in this space,” he said.
The acquisition of Redstone Technology is the second major deal for PFH this year following the acquisition of Siemens Enterprise Communications (SEC) in May.
Both acquisitions were funded from PFH internal capital and the group continues to operate debt free with a strong balance sheet.
“We are very pleased to be joining forces with PFH, whose group strength and leading market position will ensure continuity to our staff, customers and suppliers,” said Declan Van Esbeck, managing director of Redstone Technology.
“As part of a larger group in Ireland, we will also be in a position to offer a new and expanded range of services and products to our customers.”
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