Palatine Backs Third Strategic Swoop for FourNet
FourNet, the digital transformation and customer experience group, has made a third strategic acquisition since investment, and the second of 2023.
The latest deal is for global network specialists 01T, a Brighton-based managed service provider (MSP). The acquisition provides FourNet’s critical infrastructure customers, which include the Prime Minister’s Office and dozens of government departments and agencies, with end-to-end fully resilient agile network connectivity, eliminating the need for third party network aggregators.
01T specialises in designing, building and managing high speed global networks and delivering connectivity and wide area network (WAN) services for organisations with critical reliance on resilient high performing networks.
The company’s customers include sports media and broadcast, online gaming, financial services and market analytics firms.
Richard Pennington, Co-Founder and CEO of FourNet, said: “Integrating 01T’s core networking into FourNet’s cloud and ‘secure infrastructure’ platforms is an exciting prospect, and we are delighted to welcome the 01T team to FourNet.
“This, our latest strategic acquisition, builds on our growing network infrastructure offering and allows FourNet to provide an enhanced end-to-end service for our critical infrastructure and large enterprise customers who have resilient, reliable, global reach network requirements.
“Essentially 01T offers the ‘underlay’ connectivity to FourNet’s ‘overlay’ of communications, CX and security management services. Importantly, it also allows FourNet to view and manage the end-to-end network and gain more control of network implementation and support, where currently we are reliant on 3rd party network aggregators.”
James Painter, Senior Investment Director at Palatine, added: “Enhancing capability through strategic M&A is a key part of FourNet’s continuing growth strategy. The acquisition of 01T adds a crucial network element to FourNet’s offering to customers and we are keen to support the group in making additional acquisitions in the future.”
01T was founded in 2009 as a hosted telephony provider. It grew rapidly into a managed service business and after a period of further sustained growth, in 2020, switched its focus to international network connectivity, which is now its main source of revenue.
FourNet currently has more than 200 employees, with offices in Manchester, London and Derby.
The purchase of 01T, with around a dozen employees, is the fourth acquisition by FourNet in the last three years.
Earlier this year it acquired cybersecurity, network infrastructure and collaboration specialists Nowcomm. In 2022, FourNet bought infrastructure and security firm C>Ways, and in 2021, before Palatine’s investment, acquired ComputerTel.
FourNet was advised by BDO, law firm Gateley and Megabuyte. 01T was advised by Knight Corporate Finance.