Leading audit, tax and consulting firm RSM advised Pinacl, a leading provider of ICT infrastructures encompassing the IoT, smart buildings and cities and major fibre optic networks on its bringing together with Boston Networks supported by Aliter Capital LLP, a private equity fund.
The deal brings together Wales-based Pinacl and Glasgow-based Boston Networks – establishing a major player with full design, installation, management and support capability across the areas of network infrastructure, smart buildings, Internet of Things (IoT), physical security and life safety systems.
Boston Networks recently launched the pioneering £6m IoT Scotland, the UK's most-advanced IoT network after being chosen to lead the commercialisation of IoT across Scotland - a project part-funded by the Scottish Government. Pinacl has also experienced significant success within this dynamic market, with recent wins including the building of a world leading intelligent street lighting solution for Aberdeen City Council utilising the latest IoT technologies.
Rikesh Patel, associate director at RSM, said: ‘The strategic deal brings together two of the fastest growing UK IoT businesses that share a real synergy in approach and ambition. The increased service offering and capability supports the commercial aims of both businesses, which provides the perfect platform to maximise the opportunities in this buoyant sector.’
Rob Bardwell, Pinacl CEO, said: ‘Pinacl has had impressive growth over the last four years and has an appetite to accelerate its growth further. We have been impressed with the Aliter approach and we know the Boston Networks business very well. The Pinacl management team are extremely excited with the prospects for the combined group through its wide range of capabilities.’