Eir buys Irish cloud firm Evros for €80m

Irish tech firm Evros will bring useful networking, cloud and IT capabilities to the Eir stable as the telecoms operator plans to win big in fibre broadband and 5G.

Ireland’s incumbent telecoms operator Eir has acquired Irish IT services provider Evros in a deal worth €80m.

Established in 1990, Evros has helped shape the Irish IT industry, and offers outstanding delivery in the design, supply, and support of IT infrastructure.

“This is another important step in our ambitious investment strategy for Ireland”

With over 450 employees and contractors operating out of offices in Dublin, Cork, Waterford and Auckland New Zealand, Evros provides a full end-to-end, flexible and innovative approach to servicing clients’ IT requirements.

Evros has one of the most extensive partnership networks of globally recognised IT brands in Ireland, including Microsoft, Dell, HPE, VMware and Citrix, to name but a few.

Digital future up in the Eir

“We are thrilled to announce this transaction and welcome the Evros team to the Eir family,” said Eir CEO Carolan Lennon.

“This is another important step in our ambitious investment strategy for Ireland, building the country’s best networks and delivering a comprehensive service portfolio, which will allow us to provide our customers with all the tools they need for their digital future.”

The transaction is subject to Competition and Consumer Protection Commission clearance and is expected to close thereafter.

Davy Corporate Finance acted as advisor to eir. Arthur Cox and EY also acted as legal and financial advisors to eir respectively. Evros Technology Group was advised by Fieldfisher and Grant Thornton. 

This transaction will further strengthen eir Business’ existing portfolio of enterprise communication services, with leading voice, data, mobile and managed services now complemented by Evros’ best-in-class IT services.

The newly merged entity will provide end to end solutions across telecommunications and IT services including mobility solutions (with Ireland’s largest 5G network), cutting edge networking technology, public and private cloud, security, managed services and IT contracting. 

Established in 1990 by Bob Murray and led by CEO Brian Larkin, Evros generated €91m in revenues last year and earnings (EBITDA) of €9.1m.

“We are very excited to be joining forces with such an established organisation as Eir Business,” said Larkin.

“The new entity will create huge opportunities for our client base and our staff as we develop the natural synergies between the two companies to deliver what will be an unrivalled Communications and IT Services portfolio into the Irish marketplace.”

By John Kennedy (john.kennedy3@boi.com)

Published: 6 January 2021