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Onyx buys hedge fund supplier Moffat

18 August 2009  |  2369 views  |  0 Source: Onyx Group

Onyx Group has announced its latest strategic acquisition as it continues to expand nationally across the UK.

The company has acquired City of London based IT firm Moffat Communications. It is the fourth acquisition for Onyx in the last 18 months which follows the purchase of established Scottish companies Campbell Lee and Dundas IT.

Formerly part of Grant Thornton UK LLP, Moffat Communications is a specialist IT provider to financial services companies, with key specialities in Hedge Funds. The financial services sector is worth over 8% of the UK's GDP and, according to the latest financial services survey by the CBI and Price Waterhouse Coopers, is on the gradual path towards recovery with business volume expected to improve in the coming quarter. The acquisition enhances Onyx's expertise in regulated markets and augments its portfolio, especially its hosting and virtualisation platforms.

Adding a further string to its bow in its aim to develop its profile as a leading national IT provider, this acquisition will see Onyx have a base and data centre in the City of London as well as offices and facilities in Edinburgh, Glasgow, and its headquarters in North East England.

The deal marks a strategic move for the Group ensuring the company has a presence in the UK's two main financial markets - London and Edinburgh. Moffat Communications' 23-strong workforce will integrate with the Group's existing 100 employees. Its customers, such as Deutshe Bank and Oriel Securities, strengthens Onyx's place within the financial services sector, a key market for the firm.

"This acquisition signals the continued strategic development of Onyx," said Neil Stephenson, CEO at Onyx Group. "We grew out of the North East but our recent and concentrated growth in Scotland and across the rest of the UK illustrates that we are developing, into a national IT company, at a quick pace with UK wide infrastructure, customers and partners."

"The deal signals exciting times for us as it offers a new dimension to the existing Onyx offering", added Stephenson, "providing a fully comprehensive IT package to customers in the financial services sector and beyond."

The acquisition comes despite tough market conditions and builds on recent successes which have seen the Group quadruple its turnover from £3m to £12m through organic growth and a series of strategic acquisitions over the past two years. A London office confirms strong growth for the company.

The announcement follows the opening of a new data centre in Edinburgh for Onyx, which adds to its data centre and workplace recovery facilities in Glasgow and the North East. In addition to data centres and workplace recovery, the Group provides managed services and networking to over 3,000 UK wide customers.

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