The Panoply ‘Keep(s) IT Simple’ with its biggest acquisition

Date

February 2021

Sectors

Technology and consulting services

Deal Type

Merger/Acquisition

Our Role

Buy side

About Keep IT Simple

Bristol-based Keep IT Simple Limited (KITS) is an ethical IT company centred around a very highly skilled and technical management team who provide high-value IT support and transformation services to public and private sector clients. KITS has built a reputation in the public sector for transforming and running live and critical services such as payments platforms on behalf of clients, including the Rural Payments Agency and the Department for Environment, Food and Rural Affairs (DEFRA). KITS has experienced significant growth in its consulting revenue over the last three years, and most recently reported unaudited revenues of £9.7m (audited 18 months to 2019: £10.9m) and unaudited EBITDA of £2.7m (audited 18 months to 2019: £3.3m) for the year to 31 December 2020.

About TPXimpact Holdings

TPXimpact is a world-class creative technology group, assembled for innovation. Configured as a lean, fluid and ego-free family of complementary tech-focused companies, they collaborate with brave organisations to ensure their participation in tomorrow, and beyond. TPXimpact floated on the AIM index of the London Stock Exchange in December 2018, creating a group of digitally-native technology services companies assembled to meet the needs of the fourth industrial revolution.

About the deal

The acquisition continues The Panoply’s three year commercial vision to make earnings enhancing acquisitions to add more than £35m of revenue to the Group.

KITS will be integrated into The Panoply’s Foundry4 business, the “deep tech, engineering-focused” division of the Group, which focuses on CTOs/CIOs looking to enable digital transformation through the adoption of new and emerging technologies.

Our work

We acted as financial adviser to The Panoply on their acquisition of KITS.

It is a pleasure to have WY Partners as our key buy-side M&A advisor. WY's market knowledge and support is invaluable, they show great commitment and enthusiasm to always deliver the best outcome. WY provide us with clear commercial advice, added value, and manage the process from start to finish. Their personal and pragmatic approach is always appreciated and they consistently overdeliver.

Neal Gandhi

Chief Executive Officer

The Panoply

Deal team