IT and telecoms MSP Modern Networks has acquired Bridge Fibre and Response IT to create a £20m-turnover services business, as it seeks further acquisitions after being acquired by private equity.
Bridge provides fibre internet and telecoms services and Response is an IT managed service provider.
The combined business employs 150 employees, doing business from Hitchin, Manchester, Cambridge and Guildford. Modern Networks is backed by private equity firm Horizon Capital, which acquired a majority stake in the firm this April.
Modern Networks founder and CEO Matt Reeve said: “Joining forces with Bridge Fibre and Response IT provides Modern Networks with additional breadth and capability across our key service lines.”
The acquisitions support Modern Networks’ current business in supporting the property market and key industry verticals.
Bridge Fibre works closely with landlords of multi-tenanted commercial properties, particularly science and business parks. Response IT enables Modern Networks’ to expand its technical expertise and capacity in the South East and London.
Simon Hitchcock of Horizon Capital added: “We are supporting the Modern Networks team in completing the first two of a planned series of acquisitions as we scale the business and extend its capabilities.”
Modern Networks customers include CBRE, Savills, CEG, Cushman and Wakefield, JLL, Knight Frank, Avison Young and Colliers. It is a certified partner for Microsoft, HP and Cisco.
