PMGC Technology Group’s aggressive acquisition spree may be slowing after the purchase of AMC Communications earlier this week.
The Bristol-based company became PMGC’s sixth acquisition in 15 months, giving the technology solutions business a strong foothold in the south-west. The company already had a presence in London, the Midlands, the north-east and the north-west of England, and CEO Jason Yeomans said further acquisitions would not be made unless he found quality additions. He told Mobile: ‘There’s nothing in the pipeline at the moment. Before we acquired AMC we looked at a number of different acquisition propositions, but we walked away from them as the companies didn’t have the financial profile or the breadth and depth. We don’t want to make acquisitions for acquisitions sake. It’s all strategic, it’s not about massaging my ego.’
Yeomans said integrating AMC in the business was what he was concerned with, by attempting to ‘leverage its strength and depth’. He added geographic location was a ‘key factor’ in the acquisition as it allowed PMGC to service clients in the south-west with local people. He said Bristol was ‘an innovative city with a lot of opportunities’, while good transport links to London and closeness in proximity to south Wales made the proposition all the more attractive.
The acquisition added £2m in revenue for the company while PMGC’s customer base increased to almost 3,000 clients, although AMC can ‘only account for around 10% of that’. Yeomons said the quality rather than quantity of customers made the takeover a viable option. He said: ‘We chose AMC because of the relationship it has with its clients. It is very close to its customer base and it offers a great service. There are a lot of telecoms companies with a number of customers, but it’s not about the number, it’s about the relationship. Some operators have got it wrong.’
AMC directors Simon Winter and Sam O’Donnell will link up with PMGC as development directors, continuing the operator’s executive team expansion after the addition of chief operating officer Benjamin Turner in June. The company will also keep together AMC’s existing team of 14 staff based in Bristol. Yeomans said his ‘organically built’ executive team was crucial to the growth of the company, but having good employees at ground level was ‘more important’.
Yeomans told Mobile earlier this year that he wanted to grow the company ‘at pace’ with an emphasis shifting from mobile to ‘converged managed services’, and he said he still has strong ambitions for PMGC. He added: ‘With the economic climate the way it is our customers want more efficient ways of working. That’s why it’s a great time to be talking about technology with them.’
Author: Matthew Campelli