Cassium was an IT services company with a strong business consulting practice and an emerging managed services business. The company had raised expansion capital from Close Ventures (now Albion Ventures) and as keen to explore how to accelerate growth. Close introduced FirstCapital to Cassium based on our contacts within and knowledge of the IT services landscape.

FirstCapital undertook a strategic review of Cassium and identified that significant value could be added by building out its high quality, recurrent, managed services business. FirstCapital then undertook a search of potential acquisition candidates, building a long list of potential targets which was then refined to a short list  that met Cassium’s specific requirements. Detailed due diligence and negotiations were conducted with Coronel and Gantock which resulted in definitive agreements to acquire both of them.

Discussions with AIM listed Netstore were also initiated because there was a strong strategic fit between the two companies, with Netstore seeking to build scale and to expand its  managed services business. FirstCapital led Cassium through the negotiations and due diligence by Netstore, managing the entire process and running the simultaneous purchases of Gantock and Coronel by Cassium and the sale of the enlarged Cassium/Gantock/Coronel group to Netstore in May 2005.

Netstore continued to grow and acquire, was subsequently bought by the 2e2 Group, which is backed by Duke Street Capital.

Testimonials

"We chose FirstCapital to work with us because they understood much more than the mechanics of a deal: we wanted someone who could help us deliver our long term vision. They first helped us to position the company and develop a mergers and acquisition strategy to accelerate growth. FirstCapital managed the process from beginning to end, including the identification of acquisition targets that fitted with our goals, project managing the execution of acquisitions through to post acquisition integration.

The vindication of this strategy was in the successful sale of my company to a larger listed entity. First Capital gave incisive support right the way through the sale process. FirstCapital have a strong team who were committed to doing what was best for us. I would recommend FirstCapital to anyone seeking mergers and acquisition advice."
Paul Cosgrave, CEO, Cassium Technologies