Livingstone completes fifth Technology Deal within the last 12 months
Livingstone’s Media & Technology team continues to lead M&A activity in the UK tech sector with the sale of the Worldstone to JT Group, the parent company of Jersey Telecom. Worldstone is an independent managed services provider specialising in voice, data, networking, contact centre and collaboration solutions. Founded in 1995 by CEO Suresh Punjabi, Worldstone delivers its services to an expanding global customer base from its city offices.
The acquisition of Worldstone opens up implementation, management and support facilities for JT customers in the UK and in many other locations across Europe, the US and Asia. JT provides end-to-end telecommunication services covering domestic fixed landline, through to leading-edge data hosting for the e-gaming and finance industries and offers bespoke communication solutions.
Suresh Punjabi, CEO and Founder of Worldstone said: “This is an exciting move for us, from both an employee and customer perspective. JT and Worldstone are a perfect fit and together we have a fantastic platform to continue to do what we are best at – but on a much larger scale.”
“The Livingstone team led by Simon Cope-Thompson was instrumental in us completing our transaction. They took the time to understand our business and its internal dynamics and their skill at handling difficult negotiations saw us through to the finishing line. They remained calm throughout the difficult times and consistently generated solutions to overcome the challenges that were acceptable to all parties without losing sight of the ultimate goal. The efforts of the Livingstone team were exceptional.”
Simon Cope-Thompson commented: “Worldstone and JT are an excellent strategic fit, opening up new opportunities for both companies’ customers. The deal is a further example of the increasing trend towards convergence between IT services and telco.”
Daniel Domberger added: “Following on from the sales of Simcyp and Quantix to international strategic acquirers, the growth recapitalisation of Digiweb and the secondary buy-out of AVM, the Worldstone deal further highlights the attractiveness of the technology sector to trade buyers and investors alike. We predict this consolidation continuing for the foreseeable future as trade and private equity compete for high quality assets such as Worldstone.”