IT and telecoms provider Modern Networks has boosted its turnover to £20m with the acquisitions of Bridge Fibre and Response IT.
Hitchin-based Modern Networks specialises in providing managed services to the UK’s commercial property market. The double acquisition also expands the group’s headcount to 150, with teams operating in Hitchin, Manchester, Cambridge, and Guildford.
The MSP is backed by Horizon Capital who took a majority stake in the company earlier this year.
The addition of Cambridgeshire-based fibre internet and telecoms services provider Bridge Fibre marks a “significant step” in Modern Networks’ journey to becoming the biggest provider of consolidated IT and telecommunications services to certain verticals, said CEO Matt Reeve.
“Joining forces with Bridge Fibre and Response IT provides Modern Networks with additional breadth and capability across our key service lines,” he stated.
“The acquisition of Bridge Fibre is a significant step in the fulfilment of Modern Networks’ long-term vision to become the biggest provider of consolidated IT and telecommunications services to specific verticals such as the property management sector”
“By purchasing Bridge Fibre, we are able to continue our regional growth, expand our service portfolio and strengthen our ISP proposition. Bridge Fibre works closely with landlords of multi-tenanted commercial properties, particularly science and business parks, helping them to develop successful communities.”
Response IT’s acquisition boosts the company’s presence and technical expertise in London and the South East.
“Response IT enables Modern Networks’ to expand our technical expertise and capacity in the South East and London and enhance all aspects of our customer service,” Reeve continued.
“Response IT provides a complementary range of IT services meaning we are able to strengthen our offering and create a superior technical team. All three companies share common values and a common belief in the importance of customer service and building a supportive workplace culture so will come work together well.”
Simon Hitchcock of Horizon Capital, added: ‘We are delighted to support the Modern Networks team in completing the first two of a planned series of acquisitions as we scale the business and extend its capabilities. Bridge Fibre and Response IT are high quality operations that bring new expertise to this growing business.”
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