Channel Islands’ IT consultancy, C5 Alliance has confirmed its purchase of fellow Channel Islands’ consultancy and data hosting firm, iTex.
The move creates a full service technology company with “150 IT experts”. According to the merged company, the acquisition “will create opportunities for growth, both on and off-island, helping to support the local economy and employment.”
C5 has bought Itex from Claverley Group, which also owns the Guiton Group, publisher of the Jersey and Guernsey local newspapers. The purchase is for an unknown amount but C5 has confirmed that it has been funded through retained profit and says that it will be “actively investing in the group.”
“The completion of this deal is a strategically important development, creating the only locally owned, full-service, technology player in the marketplace, meaning that these essential capabilities are retained for the economic and social benefit of the Channel Islands,” said Mark Loane, CEO of the C5 Alliance Group.
“My aim for the future of the new C5 Alliance Group is quite simply to provide the highest quality business solutions, IT services and outsourcing in the Channel Islands, working in partnership with our customers to enable them to change and run their businesses better.”
As a result of the deal, the iTex board will be replaced by Mark Loane, Rob Leader and Mark Lainé, directors of the C5 Alliance Group. No immediate reductions in the work force are expected, instead Mark Loane has confirmed that the company will be seeking to recruit “smart people who are interested in being rewarded for doing innovative work.”
In addition to the possibility of recruitment, a number of promotions of both C5 and iTex staff are expected to be announced in the near future.
The newly enlarged C5 Alliance Group is doing away with the Itex brand for all areas of its business except for eGaming but the firm has moved to reassure clients that such changes will not affect the services they are currently receiving and the group will use its full resources to ensure all support and maintenance contracts are honoured.
Regent Partners LLP acted as exclusive Corporate Finance advisor to Claverley, the parent company of iTex.