Managed service provider Claranet has bought managed technology services player Star Technology for £55m. The Royal Bank of Scotland (RBS), Ares Capital Europe and a minority investment by Abry Partners financed the acquisition.
Claranet said the deal creates Europe’s largest mid-tier provider of integrated hosting and network services.
Charles Nasser, CEO and founder of the Claranet Group, said: "From a market and customer perspective, this is a great opportunity to bring together the experience and resources of two great companies to deliver a broader service portfolio to benefit our customers. It’s our mission to help our customers make the most of internet-enabled technology, and the acquisition of Star will enable us to continue to deliver on this promise."
"This announcement confirms our ambition to become the clear European leader in the delivery of managed services," he added. "This is nothing short of a British entrepreneurial success story, as both companies were founded here in the UK."