Business

The Irish Times Business Person of the Month: Peter Carroll

PlanNet21 bought rival business eCom for an undisclosed sum during October

Tue Apr 13 2021 - 02:10

PlanNet21chief executive Peter Carroll has been chosen as The Irish Times Business Person of the Month for October.

The IT solutions company bought rival business eCom for an undisclosed sum, and said it was eying other acquisitions following the deal.

PlanNet21 said revenues would exceed €50 million on the back of the deal and reiterated its intention to double turnover in the coming years.

Founded in 1998, the company is headquartered in Dublin with branch offices in Cork, Galway, Belfast and Edinburgh. The acquisition brings combined total headcount at the group to 140.

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PlanNet21, which won the Deloitte best managed company award in 2018, and whose co-founder Denise Tormey is a former EY Entrepreneur of the Year finalist, has been involved in a number of acquisitions in recent years.

These include buying the business assets of Scottish-based Hutchinson Networks last year and Irish company Agile Networks in 2017.

“The stated revenue target for the PlanNet21 group remains €100 million and future growth will be achieved primarily through acquisition rather than organic growth. We’re actively looking at several potential acquisitions in the UK market, which if successful, will take us closer to reaching those revenue goals,” Mr Carroll told The Irish Times following the acquisition.

PlanNet 21 recorded turnover of €32 million for the 12 months ending September 30th with pretax profits of €5.5 million.

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