Having pledged to follow up its recent asset purchase of Smartcomm with an Irish audio visual acquisition, Econocom has done just that.
The Paris-headquartered VAR and financing giant yesterday announced it has snapped up a 67% stake in Image Supply Systems Audio Visual (ISSAV).
The deal comes just over three months after it acquired the business and assets of High Wycombe-based audio visual outfit Smartcomm from administration.
Together, Smartcomm and ISSAV add 55 staff to Econocom’s UK&I business and will contribute to Econocom’s €300m-revenue European AV business.
Econocom is on an acquisition spree as it looks to reach a €4bn 2028 revenue goal set in November 2023 under its ‘One Econocom’ plan (Econocom’s 2024 revenues hit €2.74bn).
Under that plan, future acquisitions are set to weigh in €400m to its top-line growth.
A €225m private placement Econocom carried out in May will be used partly to fund targeted M&A.
Econocom in May indicated to IT Channel Oxygen that it was on course to complete an Irish AV acquisition “in the coming months”.
“If you look at the AV industry in Ireland, it feels like either people need to acquire or be acquired,” Econocom Products & Solutions UK CEO Gavin Bell told us at the time.
ISSAV serves over 150 education, public, and corporate customers.
”Smartcomm and ISSAV are both trusted AV integrators with strong track records in their respective markets. What unites them, and makes them such a strong fit for Econocom, is a shared commitment to delivering complete, integrated AV and IT solutions to customers,” Israel Garcia, Country Manager UK & Managing Director, Business Development & Strategic Plan, Econocom Group, said in a statement.
