A Staffordshire software development company received expert financial help from one of the region’s largest independent accountancy practices during its sale to an American company.
Netmania IT, who specialise in providing cutting-edge service management software for the telecommunications industry, has been acquired by Enhanced Telecommunications Inc in Georgia with Baldwins Accountants providing assistance during the sale process.
Its 30 employees will remain in Stowe Court in Stowe Street, Lichfield, and at its major outsourcing technical support services base in Bulgaria.
Nick Wilcox set-up Netmania IT in 2001 and has remained as chief executive officer as the company has become a subsidiary of Enhanced Telecommunications Inc and will now be known as Netmania Solutions.
He said: “We weren’t looking to sell but when the opportunity presented itself, it was a deal we couldn’t turn down.
“We are now part of a much bigger organisation which makes it easier for us to gain introductions to a different client base and it increases our footprint around the world.
“It means we have a wider range of products to solve our customers’ IT problems and will make it easier to deal with third-party organisations.
“Baldwins Accountants acted as our advisers during the negotiations and gave advice through the whole due diligence process and generally advised us about our best options as shareholders.
“There was a great deal of activity in the final negotiations. The acquisition was wrapped-up in 36 days so it was very intense.
“Baldwins’ work has continued with the company because they are helping our team prepare all the financial reporting that is needed for our parent company.”
John Edwards, a partner at Baldwins Accountants in Binley Road, Binley, Coventry, said Netmania is an exciting business with an exciting future.
He said: “Netmania has been bought by one of its American customers and by operating as a UK subsidiary, their standing in the technology world will be greatly enhanced.
“They are bringing the expertise from their products which will improve efficiency and service to their customers to a wider, global market.
“The acquisition will present new opportunities for Nick and his team and we continue to be involved in the business by effectively acting as an outsourced financial director.”