IT infrastructure and support services provider Onyx Group has boosted its revenues, consulting and managed service capabilities with the acquisition of Knowledge IT. Onyx has completed five significant acquisitions since 2000 and forecasts £20m turnover for financial year 2014, up 13% on the previous year.
The purchase of north east-based Knowledge IT adds a further £10m to Onyx's run rate revenue now rising to £30m-plus while increasing headcount to 170.
The acquisition forms part of Onyx's plans to become a £100m revenue IT support and services business in the next five years.
Onyx owns five data centres and six workplace recovery facilities across the UK and has a growing base of more than 200 customers.
Onyx Group CEO Neil Stephenson said: "Increasingly over the past two years customers have been asking us to manage their entire IT infrastructure, as well as providing resilient solutions to complex cloud and hosting requirements.
"The Knowledge IT team has a great reputation for delivering these services and this deal will make the Onyx propositions and reach stronger for both sets of customers."
George Sanger, MD of Knowledge IT, added: "We welcome the opportunity to share our expertise to help Onyx build on its achievements and grow the enlarged business."
Adam Holloway, Partner at Living Bridge, Onyx's private equity partner added: "Having invested in Onyx in 2011, we're delighted to see it make this strategic acquisition and are excited by the growth opportunities for the combined group."