Managed services provider HCS, which has offices in Dublin, Waterford and Cork, has been bought by investment vehicle Centric360 for an undisclosed sum.
Centric360 is an investment vehicle owned jointly by Pamela Farrell and Brian Larkin, former directors of the Evros Technology Group which was bought in 2020 by eir.
Set up 30 years ago, HCS's operations span cyber security, cloud, digital transformation and telecoms and the company has a customer base across the financial services, healthcare, hospitality, pharmaceutical and manufacturing sectors.
Since 2020, HCS has increased its turnover from €3.5m to a projected revenue of €8m for this financial year, while it has more than doubled its team from 24 to 50 employees.
The companies said the deal will be followed by further investment in HCS next year, including the expansion of its service portfolio and team.
Today's deal includes the purchase of the HCS headquarters in Waterford, where the business intends to strengthen its presence further.
Its current HCS owners and directors - Seán Hegarty, Dan Hegarty and Neil Phelan - will continue in their roles, contributing significantly to HCS's ongoing growth and future success.
Meanwhile, Brian Larkin will become Chairman of the company and Pamela Farrell will assume the role of Managing Director.
HCS CEO Neil Phelan said it was important for the company to join forces with people who understand its brand and history.
"Pamela and Brian bring extensive industry experience, strong professional reputation, and a proven track record in leadership and business expansion. Combined with our high-quality services, excellent client relationships and talented team, we look forward to elevating HCS to the next level," Mr Phelan said.
Pamela Farrell said with the alignment of culture and expertise, HSC can look forward to further investing in operations, expanding the company's capabilities, and bolstering the team.
"In turn, we intend to open up new opportunities while building on the organisation's existing legacy of delivering transformational, innovative services which customers can trust," she added.
