London co. buys Know Technology in $1.5M deal
Courtesy Know Technology
Know Technology President Patrick Jones, left, will become the president of North America for the London-based Enables IT, which bought Know Technology in a $1.5 million deal. Company founder Steve Hand will become the director of business development for Enables IT.
The London-based Enables IT Inc. has reached a deal to purchase Know Technology, an information technology and support services company based in Camden, for $1 million in cash and ordinary shares valued at $500,000.
In a regulatory filing with the London Stock Exchange’s Regulatory News Service, the publicly traded Enables IT said it hopes to expand its U.S. help desk operations through the deal and add to the company’s existing business in the United Kingdom. The company said the deal will also strengthen its data center cloud services and the company’s reach into New England.
The deal will make Know Technology’s founder Steve Hand the director of business development for Enables IT and President Patrick Jones will become Enables’ president of North America. For the time being, Know Technology will maintain its offices in Camden and Portland and will merge some operations with Enables IT in Brunswick. In Maine, the company will operate under the Enables IT name and is expected to have a combined 41 employees. All Know Technology employees have been offered positions with Enables IT, according to a press release from the Camden-based company.
The filing indicated that Know Technology logged revenues of nearly $2.8 million, with adjusted net profits of $300,000, for the period ending June 30, 2013.
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