Published on: March 4, 2021
A big deal in IT transformation
The Panoply has announced the (earnings enhancing) acquisition of Keep IT Simple Ltd (“KITS”), a profitable provider of high-value IT support and digital services to the Public and Private sectors. In our view the deal is both material and transformational. KITS is the Panoply’s largest acquisition to date and brings new skills, scale and clients to the group. The acquisition also represents significant progress towards the group’s commercial vision of £100m of annual run-rate revenue by March 2023. We upgrade forecasts following the announcement (FY 22E revenue +21%, adj. EBITDA +46%).