NetServices renames as Accumuli, suspends shares, acquires Tuscany and readmit to AIM


Posted by superuser on Monday 29th of November 2010 | 1 Comment(s)

Zeus Capital advises on £4 million acquisition and £5 million placing

Zeus Capital, the Manchester based Corporate Finance advisory firm, has advised Accumuli plc on the £4million acquisition of Tuscany Networks Limited and £5million institutional placing.

Accumuli, which has its headquarter in Salford and led by Ian Smith, is a “buy and build” company focused on acquiring companies in the Managed Security Services sector of the Information Communications and Technology market.

The acquisition of Tuscany Networks is the first in Accumuli’s new buy and build strategy which was announced in July 2010. Tuscany was established in 1996 in response to the steady growth of IP networks and the need for products and tools to allocate and manage IP addresses across an organisation. Tuscany now acts as a reseller of Alcatel-Lucent and Infoblox products, two of the leading software and hardware developers in the IPAM industry. In addition, it has developed software that integrates with these solutions to allow for additional functionality in order to improve the management of these solutions for the end user. Tuscany has a team with specialist experience in the IT infrastructure solutions market who provide ongoing support, maintenance and consultancy services to customers.

“Richard Hughes, Head of Zeus Capital said “Tremayne is recognised as an established and well-respected corporate financier across the North of England. His appointment reflects our willingness to invest and ambition to grow Zeus by strengthening our offering to both existing and new clients”.

Graham Norfolk, Chairman of Accumuli, said:

“We are pleased to be recommending our first acquisition prospect to Accumuli shareholders following the change of strategic direction for the group. We believe Tuscany is a well positioned, growing business operating in a growing market. The acquisition of Tuscany, if approved, marks the first step in our plan to create an Enlarged Group with a full range of services and product offerings in the Managed IT Security Services sector. We have identified several other potential acquisition targets and expect to complete two further acquisitions before the end of Q1 2011.

Richard Hughes from Zeus Capital commented

“We have known Ian Smith and his team for several years and are pleased to have been able to support him and raise these funds for a very interesting buy and build strategy in the Managed Security Services Sector. This is Zeus’ 13th transaction for companies on AIM in 2010.”

Zeus Capital acted as Nominated Adviser and Broker to Accumuli plc. The deal team comprised of Alex Clarkson, Ross Andrews and Nick Cowles.

Comments



superuser's picture

Taken from Tuscany Network's home page

On 25 November 2010 the entire share capital of tuscany networks Limited was acquired by Accumuli PLC; an AIM listed business led by Ian Smith, current Executive Chairman of Redstone PLC and former CEO of Xploite PLC.

Accumuli PLC recently raised significant funding to complement its own cash resources, which will enable it to build a significant presence in the DDI (DNS, DHCP & IPAM) and Managed IT Security Services sector.

tuscany networks Limited will continue to trade in its own right and I would like to confirm that the excellent quality of service and the high levels of support that you are used to will not be affected in any way, nor will the normal points of contact that you have in the business.

All of us at tuscany networks are excited by this new chapter in the company's life and we are looking forward to sharing with you the opportunities that arise from being part of a larger, listed business.