Manx Telecom acquires Synapse 360
Isle of Man-based communications provider Manx Telecom has entered into a conditional sale and purchase agreement for Synapse 360.
While figures were not discussed, Manx told investors the acquisition would complement its "considerable capabilities" in traditional telecommunications, data centre operations and network-oriented services, positioning both companies to take advantage of future growth.
Following the acquisition, Synapse 360's existing directors, including managing director Colin Sheard, will continue to lead the business. Manx expects to complete the acquisition in April.
Chief executive 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".
As of 1015 BST, Manx shares had dipped 0.090% to 214.31p.