10 Aug 2020 | 09.59 am
Welltel Makes Third Acquisition This Year
Intellicom takeover funded by Duke Royalty
10 Aug 2020 | 09.59 am
Welltel has announced the acquisition of Intellicom, the third purchase made by Welltel this year.
Founded in 2005, Intellicom provides cloud and on-premises telephone, contact centre, unified communications and connectivity solutions.
Intellicom is owned by Neil Wisdom (51), who became a director in 2013 and has a 75% shareholding, and Cian Maher (38) who owns 25% of the shares.
As with previous Welltel deals, the takeover is being mostly funded by AIM-listed Duke Royalty plc, which proves capital to growth companies in exchange for a percentage of future revenues. The capital is provided on a long-term basis with no bullet repayments.
Welltel stated that the Intellicom acquisition “is worth €5.5m” and that Duke Royalty has advanced €3.3m.
Intellicom employed two directors and 12 staff in 2019 and will continue to operate as a standalone entity. The venture booked a net profit of €670,000 in 2019 and a net profit of €410,000 in 2018. Net worth in December 2019 was €1.8m, including €1.5m in balance sheet cash. Year-end liabilities were €290,000.
Intellicom customers include 11890, Capita, Iconic Offices and Merrion Vaults.
Welltel CEO Ross Murray commented: “Adding Intellicom to the Welltel group enhances our Cloud UC and contact centre portfolio and adds to our voice capability through the addition of Intellicom’s advanced voice network.
“With each of our recent acquisitions, we have added expertise and specialised skills to not only provide a broader range of services but to also enhance our delivery capability. Intellicom adds its large customer base and cloud platform as well as its channel marketing and CRM integration and software development expertise.”
Neil Wisdom stated: “With Welltel and Intellicom’s combined resources, we are well positioned to help more companies of all sizes and in all industries succeed in driving further efficiencies through secure voice and data technologies and platforms.”
Neil Johnson, CEO of Duke Royalty, added: “We are proud to be supporting Welltel once again with our flexible, long-term offering, as it continues to execute on its growth strategy by successfully combining organic growth with strategic M&A.
“Welltel is a clear example of one of our partners which is benefiting in the current climate and we are pleased to be able to back them. This transaction shows that Duke remains open for business and we continue to investigate a number of exciting other deal opportunities which will diversify our portfolio of long standing, profitable businesses.”
Photo: Ross Murray (left) with Cian Maher and Neil Wisdowm (right). (Pix: John Ohle)