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Manx Telecom PLC (MANX)

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Tuesday 16 April, 2019

Manx Telecom PLC

Acquisition of Synapse 360

RNS Number : 2694W
Manx Telecom PLC
16 April 2019
 

16 April 2019

Manx Telecom Plc

Acquisition of Synapse 360

 

Manx Telecom PLC (AIM: MANX), the leading Isle of Man-based communications solutions provider, is pleased to announce it has entered into a conditional sale and purchase agreement for the acquisition of the entire issued share capital of Synapse Consulting Ltd. (Isle of Man) and Synapse Consultants Ltd. ("Synapse 360").

Synapse 360 specialises in providing Business to Business managed services in the UK and the Isle of Man with a focus on virtual IT infrastructure solutions and Cloud based services. This complements Manx Telecom's considerable capabilities in traditional telecommunications, data centre operations and network-oriented services, positioning both companies to take advantage of anticipated future growth in managed services.

As a result of the acquisition, the four existing Synapse 360 Directors, including Managing Director Colin Sheard, will continue to lead the business which has a reputation for providing technical innovation and exceptional customer service. Completion is expected to occur in April 2019. 

Manx Telecom CEO Gary Lamb said, "Synapse 360 is an excellent fit with Manx Telecom. We have long viewed managed services as a potential growth area for the business and Colin and his team's success over the last 20 years have reinforced us in this view, and confirmed us in the intention to make this attractive bolt-on acquisition".

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/ 2014

 

For further enquiries, please contact:

Manx Telecom plc

+44 (0)1624 636 400

Gary Lamb, CEO

Iarla Hughes, CFO


Powerscourt Group (Public Relations)

+44 (0) 20 7250 1446

Elly Williamson

Celine MacDougall


About Manx Telecom

Manx Telecom is the leading Isle of Man-based communications solutions company. We provide a wide range of Fixed Line, Broadband, Mobile and Data Centre services to retail, business and public sector customers on the Island, as well as a growing portfolio of innovative solutions for global customers enabled by our telecommunications expertise and mobile technology.

We are strengthening our core domestic market position, providing outstanding customer experience, high-quality and high-availability networks achieving 99% 4G and 93% superfast Fibre broadband population coverage, and consistent first-to-local-market roll-out of new products for homes and businesses.

We are the only operator of a Fixed Line network and are currently investing in state of the art 1 Gbps Fibre to the Premise (FTTP) broadband for both our consumer and business customer bases. We operate three data centres, two of which are Tier 3 designed, plus international connectivity, and our operations are business-critical to the economic strategy of the Isle of Man.

We also explore new market opportunities on and off-island through our International growth business Vannin Ventures, which identifies and invests in new products, services and business opportunities for a global audience, and is home to the established Global Solutions product lines.

Manx Telecom is listed on the Alternative Investment Market of the London Stock Exchange (AIM: MANX). www.manxtelecom.com


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