A MAJOR Scots tech business has been acquired by a Swedish investment firm in a majority share deal.
Dumfriesshire-based ETB Technologies has been acquired by Swedish firm Röko for an undisclosed fee, in a deal expected to be completed in March.
The deal will see the investment firm take a majority share in the IT organisation, which is a leading reseller of refurbished servers, storage, and network equipment.
ETB Technologies Managing Director, Nick Stapleton, will remain in his role.
Tomas Billing, founder and chairman at Röko, and Anders Nordby, investment manager for Norway and the UK at Röko will join the ETB Technologies board alongside Nick.
It has been announced that there will be no other structural or operational changes to the business.
Nick Stapleton, Managing Director, ETB Technologies, said: “Over the last two decades, we have built ETB to become a multi-million-pound business and a major employer in the South of Scotland.
“As we have grown, this has attracted more customers internationally, with 40% of our customers based in the EU and we recognise the potential to increase this.
“While ETB has previously attracted investor interest, it was a must for me that any potential partner would support our growth while allowing us to retain our culture and independence.
“Bringing Röko on board will not only add to the company’s financial strength, it will also support our growth internationally while allowing us to continue operations as they currently exist.”
Anders Nordby, Investment Manager Norway and UK, Röko added: “ETB Technologies has demonstrated consistent and strong performance for many years.
“As the business is based on making a difference to the community while contributing to sustainability goals by extending the life of IT hardware, we truly believe the company is in a strong position to achieve further growth.
“The organisation is an incredible success story, and we look forward to working closely with Nick and the wider team to achieve its bold growth ambitions.”
Röko also owns other UK businesses: Rocket Medical, Sixty Stores, 4×4 Accessories & Tyres and Renovotec.
