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2e2 Group completes two further acquisitions and acquires Motifact Group & Dynomic.

2e2 Group announces the successful completion of two further acquisitions. This brings the total number of acquisitions made by 2e2 Group to four during 2003. As a consequence of these acquisitions and strong core organic growth, annual revenues reached c.£50m at the end of the year, up from £6m at the beginning of 2003.

The transactions were backed by Gresham LLP, the regionally-based private equity house who supported 2e2’s previous acquisitions and by HSBC who have provided an ongoing debt facility. Both organisations have affirmed their desire to support 2e2 Group throughout their development.

The acquisition of Motifact and Dynomic bring a valuable range of additional services and skills into the Group and will provide access to a broader range of services for 2e2 Group’s enlarged customer base.

Motifact implements IT Services & Asset Management solutions and provides managed IT services to medium and large organisations in the private and public sector and to major outsourcing companies in both The Netherlands and Belgium. Dynomic provide project management, system, network and skilled helpdesk expertise and (co-)sourcing services to medium and large organisations in the private and public sector across the Netherlands

Terry Burt, 2e2 Group’s CEO stated: “The acquisitions we have made in the last six months are a successful first step in our strategy of creating a strong IT services Group catering to mid-market customers. We have a number of further opportunities that we are currently pursuing and we look forward, with the continued support of Gresham and HSBC, to maintaining the momentum generated over the last year”.

“2e2 Group has over-delivered in every respect since our initial investment in July 2003 – we are committed to backing the business in 2004 to allow management to fulfil their growth plans,” said investment director, Paul Canning, who sits on the 2e2 Group board as a non-executive director for Gresham.

Publisher Contact Information:

2e2 Group plc
+44 20 7509 3113

Company profile of 2e2 UK Limited
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