The private shareholders of Annodata Limited have sold the company to KYOCERA Document Solutions UK (KYOCERA) for an undisclosed consideration.
KYOCERA Document Solutions UK handles the document solution business of KYOCERA Corporation, a Japanese group which specializes in leading-edge technologies across a broad range of fields from fine ceramics, electronic devices and communication services to environment and energy markets. This highly strategic acquisition significantly increases the capabilities of KYOCERA, adding further value to its already extensive product offering with the addition of ICT services. KYOCERA will draw on the expertise of Annodata to strengthen its offering for the UK and Ireland.
Annodata is one of UK’s largest privately owned providers of managed print and ICT services. Founded in 1988, Annodata has, through organic growth and a series of acquisitions, become one of Europe’s largest independent vendors of IT, unified communications and managed print technologies, with revenues of more than US$100 million. The Annodata brand will continue to exist and will remain a completely separate business entity to KYOCERA with its own independent strategy and management team. Co-founders Andrew and Tim Harman will continue to support the Annodata management team, bringing a wealth of knowledge and customer relationships gained from almost 30 years at the helm of the business.
Cavendish, an Oaklins member firm in the UK, advised the seller in this transaction. The team's technology specialist commented: “We are delighted to have advised Annodata on its successful acquisition by KYOCERA at a time when there has been continued interest from overseas technology companies in the UK’s ICT managed services capabilities. This highly strategic acquisition will enable KYOCERA to significantly increase its ICT offering and will provide a strong platform for the business to expand throughout the UK and Ireland. With the resources and support of KYOCERA, Annodata will be able to continue to develop solutions and services tailored to the rapidly changing market needs and ensure that it is well placed to meet growing customer demand. Through its Oaklins membership, Cavendish has access to an extensive network of businesses in overseas markets and geographies, which allowed them to assess the best strategic match among domestic and international buyers to maximize the value for Annodata’s shareholders.”
Andrew Harman, Co-founder of Annodata, said: “The team did an excellent job managing the process and ensuring the smooth closing of the transaction in a timely manner. They were always professional and aligned with our shareholders' goals – many thanks to the whole team. With the significant resources and support of KYOCERA Document Solutions UK we can remain committed to our principles, innovate new solutions and services tailored to rapidly changing market needs, and ensure we are well placed to meet customer demands.”
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