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Maxima Holdings plc, an IT systems and services support company, has bought 3net, a Surrey-based IT consultancy.

The deal was worth £18 million, of which £14 million was paid in cash funded by a share placing. The balance was satisfied in Maxima’s shares. The placing of some 4.4 million new shares at 260p each was managed by Cenkos Securities.

The deal, which strengthens Maxima’s managed services division, is the ninth acquisition it has made since joining AIM in 2004 and is part of its strategy of building a services business through consolidation in the fragmented IT services sector.

The acquisition of 3net expands Maxima’s specialist technical skills in networking and security infrastructure. The deal also increases the group’s range of technology partners and offer full end-to-end solutions and managed services in IT applications and infrastructure.

Maxima’s chief executive, Kelvin Harrison, said integration planning is already advanced and has already begun work on several cross-selling opportunities.

“I am also very pleased that since exchange of contracts to acquire 3net, two of its major clients have chosen to renew managed service contracts for a further three years with a total aggregate value of £1.3 million which helps underpin our expectations in the short to medium term,” he added.

The transaction was managed on behalf of Maxima by BPE’s corporate partners John Workman and Anthony Rudge.

“This latest acquisition represents an exciting opportunity for Maxima to strengthen its managed services division and continues the company's successful acquisition strategy,” Workman said.

Maxima, which was established more than 20 years ago, is building an IT services group through targeted acquisitions.

3net provides professional services and operational support services, primarily in the infrastructure, security and application arenas.

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