PFH Technology Group has agreed to acquire Redstone Technology from the IT and telecoms company Redstone for £2.25 million.
The sale of the Dublin-based storage and data centre business is part of AIM-quoted Redstone’s ongoing strategy of disposing of non-core assets and businesses to save costs and focus on higher-margin revenue streams.
Tony Weaver, the company’s chief executive, says that it will allow Redstone to focus on its core business of managed data services.
In the year to March 2010, Redstone Technology reported a pre-tax profit of €70,000 (£61,000) on a turnover of €10.9 million, and had net assets of €690,000.
Redstone provides managed IT services and telecommunications to businesses and the public sector. The Oxfordshire-based company has 700 employees and offices across the UK and Ireland. In addition to Redstone Technology, the company comprises Redstone Converged Solutions, Redstone Managed Solutions and the telecoms business Marcom Communications.
Dublin-based PFH Technology Group is an information and communications technology company that monitors and manages customers’ IT systems. The company employs 200 staff across Ireland and has partnerships with businesses including Microsoft and Cisco.