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Adept Technology Group agrees to £50m takeover

MSP Adept Technology Group has agreed to a £50m takeover from unified communications firm Wavenet.

The deal, Wavenet’s fifth acquisition in less than two years, will take its pro forma annual revenues to over £200m, triple the level at the time of its initial investment.

Ian Fishwick (pictured), Chairman of Adept, said: “We acknowledge the additional commercial benefits which could be obtained as part of a larger, well-funded group, and believe the combination of AdEPT with Wavenet will enable the next phase of AdEPT’s growth to be strongly supported.”

“Whilst we believe that the AdEPT platform can deliver long-term growth and profitability, we also recognise that uncertainties and risks exist in the short to medium term.”

Wavenet believes that there will be an opportunity to take best practices from both groups across all operational functions to enhance the way services are delivered to an expanded client base.

Wavenet CEO Bill Dawson added: “We look forward to working with the AdEPT team as part of the Wavenet Group and driving growth by focusing on the best of both Wavenet and AdEPT’s skills and services.”