Irish-based SL Controls bought by Danish group NNIT for €17m

Deal includes an upfront payment of €12.7m, with a €4.2m earn-out element

SL Controls’ shareholders are pictured following the announcment of its sale to NNIT group. Mick McHale (left), Darragh McMorrow, Dermot McMorrow, chief executive Keith Moran, Paul Clarke and its largest shareholder Shane Loughlin

SL Controls’ shareholders are pictured following the announcment of its sale to NNIT group. Mick McHale (left), Darragh McMorrow, Dermot McMorrow, chief executive Keith Moran, Paul Clarke and its largest shareholder Shane Loughlin

 

Irish software integration company SL Controls has been bought by global IT group NNIT in a deal worth up to €17 million.

The deal includes an upfront payment of €12.7 million, with a €4.2 million earn-out element.

Established in 2002, SL Controls provide equipment system integrated solutions to companies in a range of industries, including medtech, pharma, healthcare and technology.

Staff and management at SL Controls will remain with the company following the deal. The acquisition will open up new opportunities for SL Controls to continue its growth globally, the company said.

In March it announced plans for 50 new jobs over 18 months to bring its total staff to 140 at offices in Sligo, Dublin, Limerick, Galway and Florida.

Following strong growth in recent years, SL Controls is on track to meet revenues of more than €10 million for 2021.

SL Controls chief executive Keith Moran owns 20 per cent of the business. Shane Loughlin who co-founded the company with Mr Moran owns 30 per cent; Darragh McMorrow owns 20per cent; Paul Clarke, Dermot McMorrow and Mick McHale all own 10 per cent each.

Service delivery

“In joining the NNIT group of companies, SL Controls is excited to join a company with a shared vision of excellence in service delivery in the life sciences industry. It’s an exciting time for SL Controls and its excellent staff who have supported the company’s growth over the last 19 years,” said SL Controls chief executive and co-founder Mr Moran.

“Joining forces with NNIT will further enhance our service offering to meet our customers’ global requirements for fully integrated solutions across the operational technology and information technology layers.

NNIT supplies IT services to the global life sciences industry, and the acquisition of the Irish company will strengthen its offering in production IT. The Danish company employs more than 3,000 people worldwide.

“The acquisition is yet another important milestone in our strategy to grow NNIT Life Sciences internationally,” said Ricco Larsen, senior VP of NNIT Life Sciences.

“We are delivering on our promise to further strengthen and grow our portfolio of IT services and solutions to the benefit of our customers. SL Controls will play an important role in securing our leading global position.”

*This article has been updated as an earlier version incorrectly stated the directors’ shareholdings. This has been amended.