Mergers and Acquistions News
Categories: IT Services & Consulting
February 27th 2009, 14:31PM
Kelway has announced the acquisition of Panacea, creating a combined business with revenues in excess of £140 million.
Founded in 1992, Panacea provides storage services, IT consulting, information lifecycle management and next-day supply of hardware and software to business.
It employs around 110 staff and has its headquarters in London.
Kelway says the acquisition boosts its services portfolio and will complement the firm's strengths in product, consultancy and lifecycle services.
Peter Stroud, managing director of Panacea Services, who now joins the Kelway board, comments: "Kelway's investment in Panacea Services underscores our position as one of the UK's premier value added resellers and will enable us to continue to serve our loyal customer base."
Established in 1990, Kelway is an IT reseller, delivering tailored IT services for clients across the UK.
The acquisition of Panacea continues the firm's expansion plans, after it posted record revenues of £55 million for the first half of the 2008/09 financial year.
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