Acquisition of Connect IB for £1.3m and £3.1m placing
On 16 March 2016 Coms, the leading provider of infrastructure, managed services and smart building solutions, acquired Connect IB for a total consideration of £1.3m. In addition, the Company announced a placing to raise £3.1m to finance the cash element of the acquisition, as well as providing working capital to support the integration of Connect IB into Coms and for the continued strategic development of the enlarged group.
Coms’ business can be broadly split into Projects and Managed Services. Projects relates to the historical “cabling” business of Design and Installation, while Managed Services covers network infrastructure management, support services, desktop / data centre support services plus increasingly, technology-driven Smart Building services. The acquisition of Connect IB strengthens the Smart Buildings proposition considerably, adding smart working, wayfinding and intelligent parking solution to the existing OneSpace solution.
Coms boasts an prestigious collection of global investment banks, law and accounting firms, property companies and retailers as its clients. Naturally, commercial confidentiality is an important consideration, but these clients should be natural buyers of Coms’ developing product-set in the Smart Building market, having often been won through its traditional design and installation service. Recent acquisitions have brought on board equally large and respected clients such as GlaxoSmithKline, Meyer Bergman and Westfield Corporation.
Panmure Gordon Role: Panmure Gordon acted as financial adviser, nominated adviser and joint bookrunner and broker