Magnet Networks acquires network specialists IT Group

By Business & Finance
21 March 2019
Mark Kellett, Magnet Networks, Stephen Brewer

Global telecoms provider Magnet Networks acquires IT Group expand managed services offerings

Magnet Networks has acquired network specialists IT Group in a deal which will see the connectivity company offer a range of managed services to the market.
IT Group, which had a turnover of €2m in 2018, specialises in digital transformation through integrating solutions into open managed services and is a provider of large-scale deployments and systems migrations for technology-dependent clients such as Paddy Power Betfair and Doyle Collection and managed services to organisations such as the Department of Foreign Affairs and Trade.

Magnet Networks recently became the first provider to grant one-stop access to all business options offered by every major network operator in Ireland, and is looking to further expand its offering to business. Managing Director Ireland Stephen Brewer said:

In a rapidly-changing market, companies want to take advantage of better connectivity and deploy managed services without disruption.

IT Group’s specialities

While over 90% of IT Group’s business is white labelled, they have designed and implemented system integration solutions for some of Ireland’s biggest companies.Their key specialities are wi-fi networking, infrastructure connectivity, digital communications and security. The 48-strong IT Group was founded in 2000, and CEO Rodney Moore believes that the next few years will be key in the implementation of single managed services for business.

Magnet Network’s acquisitions to date

Magnet Networks has previously made a number of acquisitions, such as wireless broadband provider Leap in 2005, and later adding Internet Services Provider (ISP) Netsource to complement its business division. In 2008 it bought Irish VoIP provider, Glantel, and in 2012 it acquired a 90% share of Velocity 1. In 2016 Magnet Networks acquired the Irish retail business division of Imagine in an all-cash deal which saw it become the third largest provider of business telecoms in Ireland.