Accountants Grant Thornton’s Bristol-based corporate finance team has advised on the acquisition of Security Partnerships, one of the country’s leading IT security service companies, by Bytes Technology Group, the parent company of Bytes Software Services.
Reading-based Security Partnerships, which supplies IT security to the corporate and public sector, employs 30 people and has a turnover of £10m.
The firm was advised in the takeover by Paul Short, Martin Gallacher and Paul Eke from Grant Thornton’s Bristol office who ran a competitive auction process. They saw Bytes, based in Surrey, as a strong strategic acquirer to maintain continued growth of Security Partnerships.
Pictured: members of Grant Thornton's Bristol-based corporate finance team
Security Partnerships managing director Darron Anley said: “The Grant Thornton team’s deep sector knowledge ensured that they were able to quickly identify the best potential suitors and add value throughout the whole process.”
Bytes group managing director Neil Murphy said the deal would widen his company’s software capability to include implementation and support services.
“Security continues to be high on our customers’ agenda and the more we can help and support their business the better it is for ours.”
Grant Thornton corporate finance director Mark Naughton said despite the ongoing uncertainty in the market generally, his team are seeing an increase in activity, particularly in certain sectors, with the result that transactions are being completed.
Financial details of the deal have not been disclosed.
