SPECIALIST merchant bank MXC Capital yesterday acquired tech firm Calyx Managed Services from Jon Moulton’s private equity outfit Better Capital for £9m.
Headquartered in Manchester, Calyx provides information and communications technology along with cloud-based managed services to mid-market enterprises.
For the year ended 31 December 2014, Calyx had a gross margin of £10.4m and a normalised earnings before interest, tax, depreciation and amortisation of £400,000. MXC said the business is capable of generating cash from the point of acquisition.
“Calyx is a well-established business delivering a broad portfolio of ICT solutions to an impressive roster of customers,” said Marc Young, MXC’s boss. “We know the Calyx business well and it operates in markets we are already active in..there is an opportunity to create value for our shareholders from this investment.”
Calyx will now sit in MXC’s existing investment portfolio of technology businesses, which includes Castleton Technology, 365Agile and Eagle Eye Solutions Group.