Cancom gobbles £50m-revenue UK MSP

Acquisitive German reseller buys Novosco for around £70m

Belfast-based MSP Novosco has sold up to acquisitive German reseller Cancom.

Having acquired £70m-revenue HPE and Microsoft partner OCSL last summer, Cancom said the deal for Novosco would strengthen its UK presence and open up direct market access in Ireland for the first time.

Cancom, which has over 3,500 staff, said the total "volume" of the acquisition is "approximately" £70m.

Pinpointed as 'one to watch' in CRN's recent Rising Stars report, fast-growing Novosco was this year gunning for revenues of £55m and an EBITDA margin of around 17 per cent.

"Novosco's product portfolio extends our capabilities tremendously and the customers we serve complement each other perfectly," said Cancom SE CEO Thomas Volk (pictured).

"Virtually all Novosco customers have no business connection to us yet. In addition, the transaction gives us direct market access in Ireland for the first time, and around 300 specialist staff and a highly profitable business will join CANCOM."