Recruitment firm Matchtech Group plc acquired Application Services Limited, trading as Provanis, a niche technology recruitment business for a total cash consideration of £4 million ($6.3 million).
Provanis is a technology recruitment business with niche expertise within the Oracle Applications marketplace, and a focus on low volume, high margin international contract recruitment. Based in London, its client base comprises predominantly large international blue chip organizations. The acquisition of Provanis will complement Matchtech’s newly rebranded technology business, Connectus, and will broaden the Group's capability in the global ERP recruitment market.
In the fiscal year ending March 31, Provanis posted revenue of £14.5 million (US$22.0 million). Approximately 55 percent of net fee income was generated outside the UK.
Provanis was majority owned by its founder Neale Provan, who will leave the company.
“The acquisition of Provanis is an important step forward in the growth strategy for the group,” said Matchtech CEO Adrian Gunn. “We are excited by the opportunities it creates to broaden our capability within the global ERP recruitment market, to generate additional contract opportunities through cross-selling Provanis’ expertise to Matchtech’s wider client base, and to enhance Provanis’ existing client relationships through the proven permanent recruitment capability of the group.”
Matchtech Group is a specialist engineering, technology, professional staffing and employability & skills recruiter.