Telecomms provider MDNX announced today that it has agreed to acquire Easynet, a global provider of managed networking, hosting and cloud integration services, for an undisclosed fee from private equity firm Lloyds Development Capital (LDC).
The new company, which will operate under the Easynet brand going forward, will provide network, cloud, applications management and hosting services to public and private sector customers. The new operation will bring together the product portfolios and customer service commitments of both Easynet and MDNX.
MDNX, founded in Bracknell, Berkshire, in 2009, clamied that the combination of itself and Easynet will create the largest independent network and hosting integrator in Europe.
The takeover is led by Equistone Partners Europe, a mid-market buy-out firm run by former Barclays executives. Equistone will hold a majority stake in the new company, while Easynet's owner LDC, another private equity firm, is keeping a minority stake.
An Easynet spokeswoman told Techworld that the deal will allow the new group to generate an annual turnover of approximately £250 million.
Mark Thompson, CEO and founder of MDNX, will lead the new company as CEO, supported by Wayne Churchill as COO and Mike Mulford as CFO. Meanwhile, former Easynet CEO, Greg Clarke, will take up the role of non-executive chairman of the new company.
Clarke said: “Bringing together Easynet and MDNX has created scale in skills, knowledge and operational excellence.
“[The deal] enables MDNX to benefit from the Easynet brand and to develop its business outside the UK, establishing a strong footprint in Europe. At the same time, Easynet benefits from the strength and great reputation of MDNX in the public sector market in particular, as well as its impressively structured back office automation, business systems and carrier integration business model.”
Thompson said: “Combining the knowledge, portfolio and operational excellence of two leading-edge companies gives us a springboard to accelerate growth. We can change the way in which global businesses experience and interact with data, information and applications. Easynet and MDNX are perfectly aligned in terms of customers, products and service strategies, so the coming together of the businesses creates a dynamic collaborative organisation."
All countries within the Easynet Group will be part of the transaction, with the exception of the "successful" Easynet Germany business, which will become an independent, standalone business and renamed to Nexinto GmbH in 2014.