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2E2, an IT-managed services provider serving clients in the UK, Channel Islands, Belgium and the Netherlands, has unveiled its plans to acquire Berkshire-based Netstore, an AIM-listed supplier of security and IT-managed services.

The £58.1 million deal will be funded through new debt, loan notes and shares in 2E2 Holdings.

Eric Priestley, non-executive chairman of 2E2 Group, said, “We are delighted to announce this transaction, which brings together two strong and established names in the IT services industry and creates a platform for further growth for the enlarged group.

“We believe this creates an exceptional opportunity to engage more broadly with our customers and create a compelling force in the UK market.”

Earlier this year, Netstore signed a contract with information communications technology provider Telinet for the development and hosting of a unified communications and applications platform. The contract is expected to bring in revenue of £600,000 over the next five years.

Since 2000, Netstore has picked up a string of acquisitions including OSP, Netconnect, Cassium and Intercea.

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