Irish IT services firm receives takeover bid

14 Mar 2008

Dublin-based Horizon Technology, a leading technical integrator and distributor of information technology products across Ireland and the UK, yesterday received a preliminary takeover offer from an unknown company.

The offer from the, as yet, unnamed party would put Horizon at €1.18 per share, which in turn would value the firm at roughly €94m.

Speculation is rife within the industry as to what firms are responsible for the takeover approach but suggestions have included Avnet, Arrow, Tech Data and Ingram Micro.

Horizon said the offer is preliminary and subject to change, and that it could not give any promises the deal would happen for definite.

This news comes on the heels of slightly disappointing financial results for the company, with growth rates for 2007 slower than anticipated due to cancelled and deferred orders from both government and financial sectors.

While Horizon Technologies is based in Ireland, some 82pc of its revenue comes from the UK.

By Marie Boran