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Data centre specialist purchased by property services group

21 September 2016

Styles&Wood Group has announced the purchase of Keysource, the provider of data centre and critical facilities technical services.

It was announced that the entire issued share capital has been purchased for an initial cash and shares payment of £2m, with up to £5m payable as a deferred consideration.

The deal is intended to enable Styles&Wood to take advantage of the growing market in data centre services.

It will also allow the company to extend its offering with existing and future clients, the company stated.

Keysource will continue to operate under its own brand and the executive management team will remain with the business.

The company employs more than 60 people and the statement said the new arrangement is intended to provide "a stronger operational and financial platform to support its ambitious growth plans moving forward".

It was further stated that the acquisition is in line with the Styles&Wood diversification strategy to extend its technological and critical facilities offerings.

The company has shown strong performance in the first half of 2016, with profits up 88% to £1.1m, compared with the first half of 2015.

Styles&Wood chief executive officer Tony Leneham said his company had looked to enter the data centre market "for some time and believe it has exciting growth prospects".

"The acquisition follows our successful joint venture with Keysource on an ongoing major banking framework and we have been very impressed with the team's expertise and project delivery capabilities," he said.

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