365 ITMS changes ownership again

Joint venture MXLG acquires service provider, as well as Mitel partner Koris Communications

Service provider 365 ITMS has been acquired for the third time in two years.

The Microsoft partner was acquired by IDE Group in 2017, before being sold in a management buyout last October. At this point it took on the 365 ITMS name again.

The firm has now been acquired by investment firm MXLG - a joint venture between Liberty Global and IDE shareholder MXC.

MXLG launched its buy-and-build strategy last year after snapping up Leeds-based VAR SICL.

MXC, founded by serial channel entrepreneur Ian Smith, currently holds stakes in IDE Group and Adept4. Smith was also the boss of acquisitive channel firm Castleton.

Alongside 365, MXLG has also acquired comms provider Koris Communications. Koris works with vendors including Mitel, Cisco and Fuze.

MXC said the two acquisitions have been financed by its further investment into the joint venture, and funds from its RBS facility.