An IT business with around 350 staff in Belfast has been sold to a Spanish multi-national in a deal worth €398m (£339m).
Cancom UK&I, which has around 600 employees in total, is now part of Telefonica Tech.
German company Cancom acquired its base in Belfast’s Catalyst Inc after it bought Novosco for £70m in 2019.
Cancom UK&I provides professional and managed services in advanced IT, cyber-security and multi-cloud solutions.
Telefonica Tech said that the deal, which is due to be completed before October, would strengthen the capabilities of its cloud and cyber-security division in the UK and Ireland.
Cancom said it would reinvest the proceeds predominantly in buying companies in its core regions of Germany, Austria and Switzerland.
Martin Hess, managing director of Cancom UK&I, added: “This is a fantastic next step in our company’s growth. Telefonica Tech is a global tech powerhouse and we’re excited about what we will be able to deliver to our customers as Telefonica Tech in the UK and Ireland.
“This is great news for our customers and our employees,”
Cancom UK&I reported revenue of €155m (£132m) in 2020.
The business is on track to reach revenue of €190m (£162m) this year.
The company employs more than 3,500 people worldwide
Jose Cerden, chief executive of Telefonica Tech, said: “Having the Cancom UK&I talented team join Telefonica Tech will strengthen our cloud and cybersecurity capabilities in the UK and Ireland, with a strong focus on professional and managed services.
“Combined with our value proposition and global reach, [this] allows us to position ourselves as the strategic partner for our business-to-business customers in their digital transformation strategy.”
Novosco was founded by entrepreneurs Patrick McAliskey and John Lennon in 2007.
The company grew to become one of Northern Ireland’s most successful IT firms.
Customers of Cancom in Belfast include several large NHS Trusts and a number housing associations.
The company also has offices in Dublin, London, Sussex, Cambridge and Daresbury, near Manchester.