25 November 2023
By Elaine Murphy
IT services provider Nostra this week announced the acquisition of Compunet, an IT Managed Service Provider (MSP) based in Cork. This move is the company’s fourth acquisition of the year, fuelling its ambitious growth strategy to increase annual revenue growth from €50 million to €250 million within five years.
With over 30-years experience in assisting customers transition and advance through various technology cycles, Cork-based firm Compunet will facilitate Nostra’s continued growth trajectory and allow the team to continue to provide best-in-class service to its customer base across Munster.
Nostra recently secured valuable investment from Phoenix Equity Partners and opened a Centre of Excellence in Galway, creating 100 new jobs. The company has also completed three acquisitions this year alone, including Passax Business Systems, Definitive Solutions and Voice & Data Solutions, which have all been successfully integrated into the core business.
Tony Healy and Jason Burns, who have worked with Compunet for over 20 years and completed a management buy-out in 2010, will continue to play key roles in the evolution and growth of the combined business. This development aligns with Nostra’s enduring ethos of retaining existing management following an acquisition, to ensure consistency and continuity of service.
Compunet is a trusted IT partner to a large customer base across SME Multinational and Education customers and has also expanded through the acquisition of TSGs MSP division in 2017, and KD Systems in 2021.
Kevin O’Loughlin, Nostra co-founder & CEO, said: “”Nostra’s year has been marked by exceptional growth, featuring substantial investment, the launch of our cutting-edge Galway office, and now completing our fourth acquisition of 2023 with the purchase of Compunet. With Cork’s rapid development as a key European hub, we are excited to invest in and foster the region’s innovative capacity and economic dynamism. Tony and Jason have done a fantastic job building a highly respected team and reputable IT managed services business. We’re looking forward to working with them to integrate the business into the Nostra group as we continue our growth journey together.”
Tony Healy & Jason Burns, Directors at Compunet said: “We are looking forward to a strong partnership with the team at Nostra who have a very clear vision and ambition we are aligned with. This will ensure we expand our service offerings, capabilities, and geographic reach to deliver an even stronger service to our customers.”
* Nostra was advised by McCann FitzGerald (Rory O’Malley, Anya Gleichmann) on legal aspects of the transaction. Tax advice was provided to Nostra by BCA Chartered Accountants (Caroline McGrath). Compunet was advised by Deloitte M&A (James Toomey, Darian Rogerson). Deloitte has been the leading M&A advisor in the Irish market for the past two years with deep experience in technology transactions in particular the ITMS sector. ReganWall (Kieran Regan, Chris Murray), a boutique corporate law firm, advised Compunet from a legal perspective.