New acquisition for inTEC Group
Manchester-based inTEC Group has confirmed a further acquisition this morning, with Miller Waite.
The move follows a £7.7m royalty funding agreement with Duke Royalty earlier this summer. That deal included additional follow-on funding for more acquisitions.
Miller Waite is its 8th takeover since it was established in 2016 and pushes its revenues beyond the £12m mark.
Cumbrian technology firm, Miller Waite operates in the mid to large enterprise sector. It has become a leading Cyber Essentials Auditor and creates bespoke ERP systems.
Its founder, David Miller, will step away from operational duties, but remain as a Non-Executive Director.
“It has been a huge privilege for me to work with such a talented team of professionals who have delivered first class IT support to our fantastically diverse client base both locally and all around the UK for over 27 years. I have been extremely selective in finding the right partner for Miller Waite to ensure that the company, its employees and clients all have a long and secure future,” he said.
Simon Howitt, inTEC Group Chairman & CEO, added:
“We are delighted Miller Waite are joining the Group. They have a talented team and a terrific client list. We believe they have skills and resources that we can utilise across the Group, and there are many of the Group’s resources we can bring adding value to their clients. David should be congratulated for how he has grown the business over the years and has developed a robust management team that we are looking forward to working with, to continue the next phase of growth.”
He also stated that there were further acquisition targets on the horizon:
“Our plans for the remainder of 2021 and going in to 2022 are exciting. We have a high number of possible acquisition prospects at developed stages and we plan to go in to 2022 with projected revenues in excess of £30m. The support from Dukes Royalty in helping us achieve our goals has been first class.”