Harbottle & Lewis has advised AIM-listed technology services group The Panoply Holdings plc on its acquisition of Keep IT Simple Limited (KITS), a provider of high value IT support and transformation services to public and private sector clients, for £26m.
The acquisition represents a significant expansion of The Panoply’s digital transformation capabilities for the public sector, enabling The Panoply’s group to provide ongoing managed support service to clients. KITS will sit under the Foundry4 brand as part of the deep tech, engineering focused division of the group.
The acquisition was partly financed by a revolving credit facility with HSBC, which was extended as part of the transaction.
Neal Gandhi, Chief Executive Officer of The Panoply said: “The Board and I are delighted to have found another ethical business to join our purpose-driven Group. Together, I am confident we can drive positive change through technology, in a responsible way, and I look forward to seeing what we will achieve.”
Corporate partner Charles Leveque commented: “The Panoply’s extraordinary growth trajectory continues and we are proud to have advised them on this, their twelfth acquisition to date”
On working with Harbottle & Lewis, Sacha Rook, M&A Director said: “Yet again, Charlie and his team have been excellent in every respect.”