The deal will help grow Redsquid’s presence in the Oxford area
Redsquid has confirmed the acquisition of IT technology provider Triumph Technologies.
The deal with see both parties provide their services to over 850 organisations and business end users this year.
The acquisition, which is Redsquid’s third in total, has been supported by Santander UK’s growth capital team, with a growth capital loan provided to the dealer.
Redsquid will continue to be headquartered in London, but will grow its presence in Oxfordshire, where Triumph Technologies is based.
Triumph Technologies is based in Thame and recently posted £1.5m in annual revenue, as provides fully managed IT services.
Redsquid founders Sohin Raithatha, who is CEO and Vince Mignacca who is COO, will remain as the only shareholders of the business.
Commenting on the acquisition, Raithatha said: “Bringing Triumph into the Redsquid group, helps us fulfil our purpose of making a difference to our customers with the use of technology, as we now will be able to provide them with even more technologies supported by Triumph’s experience in the field.
“It (Triumph) is well known for delivering exceptional service and technologies that change the way organisations work. The pandemic has set cyber-crime to new heights and the demand for cyber security technologies have grown alongside it.
“Through this acquisition we will become a fully managed service provider and keep up with the demand our customers have for digital transformation.”