Pinnacle looks to acquire Yorkshire IT firms

Pinnacle looks to acquire Yorkshire IT firms

Northampton-based Pinnacle Technology Group has today announced plans to acquire two Yorkshire IT firms for a total of £5m.

The announcement of the proposed acquisition of Ancar B and The Weston Group was made alongside its results for the year ending 30 Sep 2015.

The company’s annual figures show revenues of £7.9m for the year, with recurring revenues remaining high at 85%, representing a strong base for the company.

Commenting on the results, former chairman James Dodd said: “The year ending 30 Sep was one of transition for Pinnacle Technology.

“Operationally we continued to expend considerable effort in reducing costs and resolving legacy issues.

“With the acquisitions of Ancar B and The Weston Group now announced the business is in a much better position to push on and take advantage of the market opportunity that exists, namely providing IT as a Service to SMEs.”

Both businesses are based in Leeds, and give Pinnacle a new operational focus, complementary to its existing Scottish operational base in Glasgow.