20 Oct 2020 | 10.11 am
PlanNet21 Acquires eCom Solutions
IT solutions company snaps up Dublin peer
20 Oct 2020 | 10.11 am
Founded in 1997, PlanNet21 provides unified communications and conferencing services, as well as cybersecurity, networking and data centre solutions. ECom Solutions was set up in 2000 and specialises in IT networking, cybersecurity and managed services.
Peter Carroll, CEO with PlanNet21, said that the acquisition will provide his company with greater market penetration and high-calibre engineering staff. “Our customer bases are very complementary with little overlap, and this positions us very favourably to achieve our ambitious growth forecasts,” he added.
Headquartered in Dublin, PlanNet21 has been a stellar performer in the IT services market over the last number of years, helped by key partnerships with Cisco, Microsoft and others. The business won a Deloitte best managed company prize in 2018, while co-founder Denise Tormey was an EY Entrepreneur of the Year finalist in 2015.
In the year to September 2019, parent company Barr Madra Ltd recorded turnover of €40m and booked a net profit of €4.6m. The business had cash reserves of €19m and year-end net worth of €35m.
The principal shareholders in Barr Madra Limited are Peter Carroll (39%), Michael Hannon (31%), Denise Tormey (10%) and Sean Ruane (10%). Directors Peter Carroll and Michael Hannon shared €880,000 in remuneration in 2019.
PlanNet21’s principals anticipate that revenue will exceed €50m this year following the acquisition of eCom Solutions. PlanNet 21 has offices in Dublin, Cork, Galway, Belfast and Edinburgh.
ECom Solutions will continue to operate as a standalone entity following its acquisition. Founded by Sean Martin and Brendan O’Brien, the business employs 40 people.
ECom Solutions Ltd booked a profit of c.€200,000 in the year to March 2020. The business had cash of €3.2m and net worth of €4.3m.
“PlanNet21 is very strong in collaboration and unified communications. We’ve carved out a very successful business based on cybersecurity and on-site design and implementation services. These complementary skillsets will benefit existing and new customers across all industry verticals,” said eCom Solutions CEO, Sean Martin.
The eCom acquisition follows two other acquisitions by PlanNet21 in the last few years. Agile Networks was acquired in 2017 and the business assets of Scottish-based Hutchinson Networks in 2019.
Photo: (l-r) Sean Martin, Brendan O’Brien, Naomi Mulchrone, sales director at PlanNet21,and Peter Carroll. (Pic: Maura Hickey)