MDNX grows sales to £85 million with Griffin buy
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A Thames Valley-based company that helps businesses and government bodies manage their voice and data networks has accelerated its growth by acquiring another British business.
Network integrator MDNX has acquired Derby-headquartered Griffin, which has provided internet services to UK businesses since 1994 and has experienced rapid growth in recent years, from sales of £1.2 million in 2002 to £22.8 million in 2011.
The consideration for the deal was undisclosed, but MDNX says it has created a group with annualised revenues of £85 million, 3,000 customers and 300 employees.
A sister company of Griffin, Iconnyx, was also acquired by MDNX in the deal. Both Icconyx and Griffin are trading companies of Octium.
Mark Thompson, CEO of MDNX comments, 'Griffin shares many synergies with MDNX, with products based on the same infrastructure and a similar commitment to automation.'
MDNX was formed through the merger of Solution 1, VTL and CI-Net in October 2010. Its clients include the UK government and local authorities.
Andrew Dickinson, MD of Griffin, remarks that the company 'has always been fiercely independent and working with MDNX means we don't have to compromise on that'.