Codework acquired by European player ALTIMATE Group.
Codework Limited has been acquired by Altimate Group for an undisclosed sum adding the Manchester-based outfit into a family of European distributors.
Altimate operates in six countries already, Belgium, France, Netherlands, Portugal, Spain and Luxembourg, and with the Codework purchase now has a foothold in the UK and Ireland.
Established in 1997 Codework has a profound expertise in advanced computer technologies which covers infrastructure management, security, internet restriction and reporting, encryption and data loss prevention. Codework had a turnover of £14m last year.
Patrice Arzillier, CEO of Altimate, said “I am proud to announce that ALTIMATE Group is continuing its drive for development through external growth and has acquired the English company Codework, a value added distributor in IT Infrastructure Management and IT Security. This acquisition is reinforcing our strategic and European partnership with Symantec and provides a new development platform on the very leading markets of United Kingdom and Ireland. This expansion of our activities in the UK and Ireland is signalling not only an important step for our place as European actor, but also strengthening our partnership in a significant way with Symantec, especially for Altiris and Security platforms.”
Divyesh Lakhani, managing director and founder of Codework, said that being part of a larger organisation would provide it with the muscle it needs for expansion.”This will provide us with a supportive infrastructure and the resources to allow us to focus on using our capabilities to continue the next phase of growth in the UK and Ireland,” he said.
Altimate, owned by DCC plc an Irish company listed on both the Irish and London stock exchanges, has been around since 1994 and might be known by some under its old branding of Distrilogie. It has built up a network of 2,500 resellers across Europe and already has an existing relationship with Symantec.
“Regent Partners’ detailed knowledge of our market sector ensured that we focused on a highly select group of credible acquirers. Their understanding of the strategies and market approach of likely buyers meant that we were able to effectively respond to all of the key issues that arose during the various meetings and negotiations. The Regent team, led by Pradip Somaia, provided comprehensive support throughout the transaction and guided Codework expertly through all the technicalities which arose during the days prior to completion. The whole process was conducted with energy and integrity and we would not hesitate to recommend their services to others”.
Regent Partners LLP acted as exclusive Corporate Finance advisor to Codework.