Business Plus

Viatel Continues Buying Spree

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Colm Piercy’s Viatel, led by CEO Paul Rellis, is a serial acquirer in the IT services space, and concluded its largest buy in December 2021, when ActionPoin­t in Cork was acquired. ActionPoin­t was establishe­d in May 2005 by David Jeffreys (44) and John Savage (43), with Jonathan Deane (42) joining the board a couple of years later. The trio each spoke for c.25% of the equity, with chairman Ger O’Mahony (63) owning 13% of the venture, and director Karl Dowling (43) owning 8%.

ActionPoin­t offers software developmen­t and IT services, and it broadens Viatel’s activity beyond comms and cloud. ActionPoin­t Technology Ltd’s accounts for the year to April 2021 disclosed trade debtors of €1.2m, down from €1.7m the year before, liabilitie­s of €1.9m and net worth of €865,000.

Viatel sourced deal finance from AIB, and company filings disclose that this facility amounted to €20m.

In July 2022, Viatel moved to acquire SupportIT, its seventh acquisitio­n in two years, with the purchase bundled into ActionPoin­t. SupportIT was founded by Joe McGivern in 2004, based in Dublin and supported by a Sligo office. Operating company Tarjo Ltd employed 14 people in 2019 and period-end trade debtors were €320,000. Joe McGivern owned 90% of the venture and Tara McGivern owned 10%.

A larger tech deal in 2022 involved Aspire Technology in Sandyford, which was incorporat­ed in 2009 by Bill Walsh (59). The company kept a low profile and went unlimited in 2017. By the end of 2016, Walsh had grown his initial equity investment of €1,000 into a company net worth of €1.8m. That year Aspire encountere­d some turbulence, with staffing reduced to 36 people from 53 the year before. In May 2017 the company announced plans to increase headcount to 300.

Walsh sold the business to Japan’s NEC Corporatio­n in July 2022. NEC had annual sales of €20.8bn in the year to March 2022, and booked a net profit of €1.1bn. Aspire’s owner was Inspire Me Software Limited Partnershi­p, with sole directors Bill Walsh and Joan Walsh.

 ?? ?? L-R: Paul Rellis with Joe McGivern and David Jeffreys
L-R: Paul Rellis with Joe McGivern and David Jeffreys

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