IT services provider 2e2 is to aquire systems integration company Morse for 51p per share, in a deal announced at the London Stock Exchange today.
The newly combined company plans to offer managed services, hosting, unified communications, data management, security, business application solutions and cloud computing services.
"There is an excellent fit between the two companies. [The deal] consolidates 2e2's position as one of the UK's leading vendor-independent IT services providers," said 2e2's non-executive chairman Eric Priestley. He added that he expects significant benefits to come from "cost synergies" and cross-selling opportunities within the enlarged customer base.
Private equity-backed 2e2 is strongest in the UK public sector. Earlier this month, it announced a three-year, £4.3 million deal to build and support a new ICT infrastructure for the London Borough of Waltham Forest. Morse's strongest vertical, meanwhile, is financial services.
The deal values Morse at close to £70 million.