Pinnacle Technology acquires adept4 and rebrands
Aim listed Pinnacle Technology Group has acquired Warrington-based adept4.
The purchase has been funded by a loan of £5m by the Business Growth Fund.
“This is a pivotal moment for Pinnacle as it completes the turnaround of the business which we set out to do in January 2016. Our focus is now on the integration of our acquisitions so that we can scale our asset light, ‘IT as a Service’ proposition for UK SME business,” explained Gavin Lyons, executive chairman of Pinnacle.
“Our strategy remains the same and we will continue to focus on growing the company organically and through acquisition for which we are delighted to have BGF on board as a strategic funding partner.”
adept4 has around 60 customers, with average contract lengths of 3-6 years and it will now focus on building a “strong, asset light” business, focused on the North of England.
It was founded in 2007 and has been jointly owned by 3 directors, Peter Birkett, Paul Talbot and Steve Cosgrove, since 2009. They will all remain with the business after the acquisition.