Wellington IT Solutions has acquired the business and assets of Octagon Computer Services for an undisclosed sum. The move, which will see Wellington invest €2m over the next year, will make Wellington the largest supplier of IT services to Ireland’s €6.5bn credit union sector.
Wellington provides 40pc of the top 50 credit unions in Ireland with IT systems to enable next-generation services, such as mobile banking and electronic funds transfer.
Wellington IT says that over the course of the next 18 months to two years it intends to make an investment of €2m, which includes hiring new software development staff.
Alex Dunne, director of Wellington IT systems, said Octagon has a strong pedigree and long history of service within the IT industry.
All of Octagon’s employees will be retained as part of the acquisition and its managing director John Hudson will join Wellington as a consultant.
Combined, the two businesses will service the 150 credit unions around Ireland.
“This acquisition manages uncertainty within the market,” Dunne said. “And credit unions can rest assured that their systems will be supported going forward.”