Long-standing Cork IT firm Compunet acquired by Nostra
Long-standing Cork IT service provider, Compunet has been acquired by Nostra for an undisclosed amount.
Operating in Cork for more than 30 years by Rory O’Connor and Bill Maher, Wilton-based Compunet is the latest purchase for Nostra, which has already announced four deals this year as part of an ambitious growth strategy to increase annual revenue growth from €50m to €250m within five years.
Founded in 2006 by Kevin O’Loughlin, Gary Byrne and Senan Finucane, Nostra recently secured investment from Phoenix Equity Partners and opened a Centre of Excellence in Galway, creating 100 new jobs.
The company has already completed three acquisitions this year, including Passax Business Systems, Definitive Solutions and Voice & Data Solutions, which have all been integrated into the core business.
Tony Healy and Jason Burns, who have worked with Compunet for over 20 years and completed a management buy-out in 2010, will continue to play key roles in the growth of the combined business.
Compunet is an IT partner to a large customer base across SME Multinational and Education customers and has also expanded through the acquisition of TSGs MSP division in 2017, and KD Systems in 2021.
Kevin O’Loughlin, Nostra co-founder & CEO, said, “Nostra’s year has been marked by exceptional growth, featuring substantial investment, the launch of our cutting-edge Galway office, and now completing our fourth acquisition of 2023 with the purchase of Compunet.
“With Cork’s rapid development as a key European hub, we are excited to invest in and foster the region’s innovative capacity and economic dynamism. Tony and Jason have done a fantastic job building a highly respected team and reputable IT managed services business.”
Tony Healy & Jason Burns, Directors at Compunet said: “We are looking forward to a strong partnership with the team at Nostra who have a very clear vision and ambition we are aligned with. This will ensure we expand our service offerings, capabilities, and geographic reach to deliver an even stronger service to our customers.”