Version 1 has acquired UK-based Forest Business Operations from Northern European IT services player, Tieto Corporation, for an undisclosed sum. The move is the first in a series of acquisitions aimed at making Version 1 Ireland’s first Euro 1bn services company. Forest Business Operations develops and supports IT solutions for customers in the packaging and recycling industry.
Version 1 currently employs more than 400 people and operates in Dublin, Cork, Belfast and London. Forest’s business operations and 23 employees in Kent transferred to Version 1 at the end of October.
Established in Dublin in 1996, Version 1 completed two successful acquisitions with Prose Software and PM Centrix in 2010.
“This acquisition is an excellent fit for Version 1 because the business has a long-standing tradition of customer satisfaction and a team of highly skilled and engaged employees,” said Justin Keatinge, CEO of Version 1.
“This is the first in a series of strategically planned announcements we will make over the coming months. Through this first deal, we will greatly strengthen our platform in the UK market and increase profitability. Ambition is at the core of Version 1 and our strategy is to continually expand through new growth and acquisition. In the next 10 to 15 years, we aim to be the first Euro 1bn Irish services company.” Keatinge said.
Regent Partners LLP acted as exclusive Corporate Finance advisor to Tieto.