The buy out will be funded from SysGroup’s existing cash balance and a new revolving credit facility of £8 million provided by Santander.
For those not in the know, Edinburgh-based Truststream is a provider of security transformation services and its offering covers all aspects of cyber security from analysis and threat detection, through protection architecture and implementation, to incident response and ongoing 24/7 support and training.
In the year to 30 September 2021, Truststream generated unaudited revenues of £3.2 million and an EBITDA of £0.8 million.
Adam Binks, chief executive officer at SysGroup, said: “I am delighted to announce the acquisition of Truststream. The addition of Truststream to the Group further supports our stated strategy to become the leading provider of managed IT services to the UK mid-market. The business strongly complements our existing portfolio of services and has high levels of recurring revenue.
“In addition, cyber security remains a key priority for businesses of all sizes as threats become both more prevalent and more harmful. Our end-to-end offering means that we can help companies navigate the forever evolving technological landscape and provide best of breed solutions backed by the highest quality of ongoing security, monitoring and support.”