Intrinsic Technology in £30m management buyout
Intrinsic Technology has today revealed chief executive Mike Mason is leading a £30m management buyout of the Merseyside-based ICT provider. Backed by private equity investor RJD Partners, Mason will take the reins at the firm from founder and majority shareholder, Allan Gauld.
Says Mason: “Having worked in the business team for nearly two years, I’m delighted to now take the business forward to the next stage in its strategic plan, along with the current management team and existing teams beneath them.
“Intrinsic has developed an excellent reputation for high quality and responsive customer service. We aim to build on this by taking advantage of both the organic growth and acquisition opportunities presented in a dynamic but fragmented market.”
The transaction is key to Intrinsic’s growth in the UC, virtualisation and cloud space, according to the company. Adam Jarvis, sales & marketing director, Intrinsic explains: “Ultimately, this transaction will further facilitate our growth to deliver a simplified client experience with better purchasing power across a greater number of vendors, giving our clients better choice at better prices.”
Adds Frank Bulman, partner, RJD Partners: “Mike Mason has a proven track record of creating transformational ICT solutions, delivered and underpinned by strong service organisations. We are delighted to have the opportunity to back him in leading a highly motivated and impressive management team and workforce, in the buyout of Intrinsic.”
Intrinsic employs 125 staff and delivered an annual turnover in excess of £27m in 2010, with forecast revenue to exceed £40m in 2011. In January the firm acquired Dataplex Systems, a specialist in desktop and server virtualisation, storage, infrastructure optimisation and converged infrastructure.
