Matchtech acquires niche technology recruiter Provanis
11 September 2013
Technical and professional recruitment group Matchtech Group has acquired outright niche technology recruitment business Application Services, trading as Provanis, for £4m.
Wed, 11 Sep 2013Technical and professional recruitment group Matchtech Group has acquired outright niche technology recruitment business Application Services, trading as Provanis, for £4m.
London-based Provanis has expertise in the Oracle Applications marketplaces, and a focus on low-volume, high-margin international contract recruitment.
The acquisition will complement Matchtech's recently relaunched technology recruitment business Connectus, with Matchtech chief executive officer saying the acquisition “fits well with our stated acquisition criteria – namely small, bolt-on deals involving high margin contract recruitment businesses that complement our existing activities”.
In the year to 31 March, Provanis delivered an unaudited profit from operations of £1m on revenue of £14.5m and net fee income (NFI) of £2m. Around 55% of NFI was generated outside the UK.
Provanis was majority owned by its founder Neale Provan, who no longer has an operational role in the business and who will leave following completion of the transaction to pursue other interests and has signed a non-compete agreement.
Boxington Corporate Finance advised for Provanis on the deal, with assistant director Mark Kingston telling recruiter.co.uk that his client had "found a buyer which believes in their people and model".
Rajesh Thakrar, chief of operations, Alex Schembri, senior sales manager, and Robin Miller, business development manager, all minority shareholders before the acquisition, will continue in their positions.
London-based Provanis has expertise in the Oracle Applications marketplaces, and a focus on low-volume, high-margin international contract recruitment.
The acquisition will complement Matchtech's recently relaunched technology recruitment business Connectus, with Matchtech chief executive officer saying the acquisition “fits well with our stated acquisition criteria – namely small, bolt-on deals involving high margin contract recruitment businesses that complement our existing activities”.
In the year to 31 March, Provanis delivered an unaudited profit from operations of £1m on revenue of £14.5m and net fee income (NFI) of £2m. Around 55% of NFI was generated outside the UK.
Provanis was majority owned by its founder Neale Provan, who no longer has an operational role in the business and who will leave following completion of the transaction to pursue other interests and has signed a non-compete agreement.
Boxington Corporate Finance advised for Provanis on the deal, with assistant director Mark Kingston telling recruiter.co.uk that his client had "found a buyer which believes in their people and model".
Rajesh Thakrar, chief of operations, Alex Schembri, senior sales manager, and Robin Miller, business development manager, all minority shareholders before the acquisition, will continue in their positions.
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