The Panoply ‘Keep(s) IT Simple’ with its biggest acquisition
ABOUT THE PANOPLY GROUP
The Panoply 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. The Panoply 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.
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 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.
We acted as financial adviser to The Panoply on their acquisition of KITS.