Dains advise on the sale of Patech Solutions

Deal summary

Birmingham-based IT consultancy Patech Solutions has been acquired by Irish IT consulting and managed services company Version 1. Version 1 will use Patech’s services to deliver a complete line of technology-enabled solutions and services across a wide range of products to its customers, helping the company to achieve its targeted €70m in revenues this year and expanding its UK operations.

With over 30 years’ experience in developing successful businesses Tony Bird formed Patech company after identifying a niche for cost effective Oracle consulting services.

The difference we made

Dains provided specific advice on the working capital and free cash calculation in addition to assisting the vendors with deal structuring advice. Rob Wilson and the team were able to understand the complex working capital cycle and negotiate additional free cash on the back of the exercise, leading to additional consideration being paid.

What our client said

Tony Bird welcomed the news, describing it as “an exciting development” which “will enable us to provide a wider range of solutions and services to our existing clients”.

“It will also help us to scale our business rapidly and to capture even more opportunities both within the Oracle E-Business space and also the broader IT Services market.”

CEO of Version 1, Justin Keatinge said: “We are delighted to welcome Patech Solutions Ltd to the Version 1 team. Patech were a close fit with our acquisition criteria and strengthens our public sector profile and our Oracle practice across the UK & Ireland.

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