Synstar acquired Milan-based SET Telecommunicazioni S.p.A (SET), a multi-service networking company specialising in the provision of total network solutions, comprising voice and data in LAN / WAN environments. It also offers Internet-Intranet installation and maintenance services. The acquisition is important as it boosts Synstar’s existing e-commerce capabilities and complements the existing services in France and the UK.
The consideration is £324,000 and Synstar will assume debt of £324,000. Turnover for the year ended December 1999 was £2.2m. Synstar will pay a further £454,000 in January 2001 if SET achieves aggressive growth objectives.
Luigi Brunello, Managing Director of SET, will remain with the company. His team of 20 people will be relocated to Synstar’s Italian headquarters, also in Milan.
Synstar also acquired CT Consulting AG (CTC), a small data storage and management company based in Meilen, Zurich. Founded in 1989, the company addresses the needs of private industry and government institutions for an improved systematic means of storing and managing large volumes of data. In these areas, there is a direct synergy with SIS the European Data Management Company acquired by Synstar in 1998 – where consultancy, hardware and software solutions are provided from some of the same manufacturers.
The consideration is £960,000 on completion, with a deferred payment of £120,000 payable over five years. CTC’s turnover for the year ended December 1999 was £1.24m.
Peter Ruzicka, Managing Director of CTC, will remain with the company. The team will eventually be incorporated into Synstar’s existing European Data Management division, to service the Swiss market, operating out of Zurich.
