Irish managed IT services company IT.ie has announced that it has acquired Abacus Systems, a Dublin-based managed IT service provider, in a seven-figure deal.
Following the acquisition, the company is forecasting revenues to exceed its previous target of €8m, reaching €10m by year-end 2025.
Its workforce will grow to a team of more than 50, while its customer base will increase by 50% to more than 500 clients.
IT.ie said the move will bolster its existing expertise and enable the company to offer a broader range systems and solutions.
The acquisition was independent of private equity and was self-funded by IT.ie.
"The acquisition of Abacus Systems marks a key moment in our success and is another milestone in our journey to becoming a leading force in the managed IT services space," said Eamon Gallagher, founder and Managing Director of IT.ie.
Established in 1992, Abacus Systems provides services such as managed services, cloud technologies, cybersecurity, and compliance to corporates, public sector organisations, healthcare providers and SMEs.
"This acquisition isn'tjust great news for our business, but also our customers," said Derek O'Callaghan, Managing Director of the Abacus Division.
