SL Controls, the Irish specialist software integration firm, has been bought by global service provider NNIT group for an enterprise value of €16.9m.
NNIT is one of Denmark's largest IT operators with more than 3,000 employees worldwide and offices across Europe, North America and Asia.
The Danish firm said the deal to buy SL Controls will further strengthen its solutions within Production IT and will open SL Controls up to new opportunities to continue its growth globally.
Founded in 2002, SL Controls provides equipment system integrated solutions to a range of world-leading brands across a number of industries including Medtech, Pharma, Healthcare and Technology.
The company has offices in Sligo, Dublin, Limerick, Galway and Florida and has customers – mainly multinationals – in Ireland, across mainland Europe and the US.
It has experienced strong growth over recent years and is on track to meet target revenues in excess of €10m for 2021.
The terms of today's deal gives SL Controls an enterprise value of €16.9m, which comprises an upfront payment of €12.7m with an earn-out element of €4.2m.
All SL Controls staff and management will remain in place. In March of this year, the company announced the creation of 50 new jobs in Ireland over 18 months to bring the total workforce to 140.
SL Controls CEO and co-founder Keith Moran said that SL Controls is excited to join a company with a shared vision of excellence in service delivery in the life sciences industry.
"It's an exciting time for SL Controls and its excellent staff who have supported the company's growth over the last 19 years. Joining forces with NNIT will further enhance our service offering to meet our customers' global requirements for fully integrated solutions across the Operational Technology and Information Technology layers," Mr Moran said.
"In the ever-evolving, fast-paced life sciences sector, digital transformation is critical in meeting our customers' global supply demands for life-enhancing pharmaceutical and medical device products. Today, joining the NNIT group will allow us to continue our journey to further grow globally and to provide enhanced services to our clients and exciting career opportunities for our staff," he added.
