A North Lanarkshire IT group has acquired Turnkey Business Software (TBS) and Turnkey Infrastructure Solutions (TIS) from the Turnkey Group for an undisclosed sum.
Kick ICT led by technology entrepreneur Tom O’Hara. Kick was founded in 2015 and is the seventh deal by the group as it focuses on expansion.
The deals add a further 15 staff and more than £3m to turnover.
The Turnkey Group was founded in 1980 by Barry Wood and his son Tony Wood has built a Scottish based group of companies with a global reach and have developed their IPS insolvency product to be a world market leader.
It was planning to focus solely on the global growth of its IPS product following the release of its SAAS version.
In Kicks latest set of accounts to year end September 2020. It saw an increase in turnover by 10% to £14.6m. The profit before tax rose by 12% to £1.7m and recurring revenue increased to 11% to £8.6m.
Kick currently employs 140 staff and expects numbers to increase further by the end of the year following the launch of the ‘Kick Academy’ - a project aimed at recruiting and developing school leavers and graduates.
Chief executive at Kick ICT, Tom O’Hara, said: “It’s clear Tony and Barry had a myriad of options available to them and it’s a huge compliment for them to have endorsed our vision, strategy, culture and values.
Tom O’Hara added “Kick has made excellent progress this year adding Clyde, TBS and TIS to the Group over the last five months. Our cash reserves and great support from HSBC provides an excellent platform for growth and ensures we are well-placed to continue growing and building market share both in Scotland and more widely across the UK.”
Tony Wood of Turnkey Group, said: “The sale of those businesses will allow Turnkey to focus 100% on our IPS insolvency platform and deliver its potential internationally over the coming years.
“We would like to thank all of our customers at TBS and TIS for all of their support over the years, and the staff for all of their hard work. We look forward to working with Kick to ensure that the transition is smooth and a great success.”
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