LONDON (ShareCast) - (ShareCast News) - Managed communications provider Maintel Holdings announced the acquisition of the entire issued share capital of Intrinsic Technology on Tuesday, for a total consideration of £5.25m on a cash-free, debt-free basis.
The AIM-traded firm said Intrinsic enables and manages secure intelligent communications solutions for UK business customers, predominantly medium to large size enterprises and public sector organisations.

It said it would add "strong capability" in Cisco through its Gold Partner status, and increase Maintel's expertise in the growing network security sector.

Intrinsic was expected to be break even at the EBITDA level for the remainder of Maintel's current financial year, the board reported.

With the identified synergies, it was expected to generate positive EBITDA and be earnings enhancing in the financial year to December 2018

"The acquisition of Intrinsic makes compelling strategic and financial logic for our shareholders," said Maintel CEO Eddie Buxton.

"Intrinsic has an enviable track record as one of the UK's leading Cisco partners and significantly enhances Maintel's strong capability in networking.

"As well as further broadening our Avaya capabilities, the acquisition also brings the opportunity to offer Maintel's existing portfolio to Intrinsic customers, in particular our ICON suite of cloud and managed services."

Maintel's board added that it intends to report Interim results for the six months ending 30 June on 11 September.

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