Telefónica Tech Acquires Cancom UK&I, For €398M
Summary
The deal, at a multiple of 13.5x EV/OIBDA (based on 2021E), will strengthen the capabilities of Telefónica Tech’s cloud and cybersecurity division in the UK and Ireland. Cancom intends to reinvest the proceeds in the acquisition of companies in its core regions: Germany, Austria and Switzerland. Founded in 1990 as Organized Computer Systems Ltd, or OCSL, the company started as a consultative resell business focused on hardware, client server and virtualisation. In 2015, the firm acquired Rockpool IT to expand its consultancy offering by introducing a flexible resourcing service. Led by José Cerdán, CEO, Telefónica Tech is a digital transformation company which offers a wide range of services and integrated technological solutions in cybersecurity, cloud, IoT, big data and blockchain.