Version 1 Announces UK Acquisition
Pictured: Version 1 CEO Justin Keatinge briefs employees on the acquisition announcement.
Tieto Corporation, which develops and supports IT solutions for customers in the Packaging and Recycling industry, was acquired for an undisclosed sum. This is the first stage of an aggressive acquisition strategy which Version 1 plans to execute over the next couple of years.
Version 1 currently employs over 400 people and operates offices in Dublin, Cork, Belfast and London. Today's announcement will further enhance Version 1’s ability to provide market leading business solutions and support services to the UK and Irish markets. Business operations and 23 employees based in Kent, England, transferred to Version 1 on October 31st.
Commenting on the announcement, Justin Keatinge, Chief Executive Officer of Version 1 said, "This acquisition is an excellent fit for Version 1 because the business has a long standing tradition of customer satisfaction and a team of highly skilled and engaged employees. This is the first in a series of strategically planned announcements we will make over the coming months. Through this first deal, we will greatly strengthen our platform in the UK market and increase profitability. Ambition is at the core of Version 1 and our strategy is to continually expand through new growth and acquisition. In the next 10 to 15 years, we aim to be the first €1 billion Irish Services Company."Established in Dublin in 1996, Version 1 has progressed through organic growth and strategic acquisition to become a trusted technology partner to major domestic and international customers across all industry sectors in Ireland and the UK. The Company has previously completed two very successful acquisitions with Prose Software in 2006 and PM Centrix in 2010. Version 1 has grown strongly in recent years; delivering double digit year-on-year growth in revenues and operating profit based on consistent improvement in customer satisfaction and world-class employee engagement.