Storm Technology acquires Dublin-based Ciall
Acquisition expected to boost Storm’s revenues by 25% from its current €10m
Michael Horgan, and Michèle O’Gorman, directors of Ciall and Karl Flannery, ceo Storm Technology. Photograph: Conor Healy
Storm was founded in Galway in 1985 by Karl Flannery and the acquisition will increase its active client base from around 100 to 140. It is also expected that the company’s revenues, currently between €9 and €10 million, will increase by 25 per cent as a result of the acquisition.
The acquisition is funded by existing reserves and a small amount of debt.
Speaking to The Irish Times, Mr Flannery, the chief executive of Storm, said the deal was a “very good acquisition” from his company’s point of view and would add capabilities his consultancy doesn’t currently have.
Mr Flannery said that Storm “fully intends” to retain all the staff joining from Ciall. Its management team will also be joining Storm for at least a year to ensure the integration is successful.
“We are thrilled to be adding the expertise and competencies of Ciall and its team to our business. Together we can accelerate our growth and deepen the value we bring to clients and employees,” Mr Flannery said.
In terms of its future outlook, Storm, which had an operating profit in excess of €619,000 last year, sees this acquisition as being the first of a few with the likelihood that future deals could be made with the help of private equity.