Version 1 acquires UK operation of Tieto Corporation

Irish IT services company Version 1 has acquired the UK-based Forest business operations of Northern European IT services company Tieto Corporation for an undisclosed sum.

Version 1 currently employs over 400 people and operates offices in Dublin, Cork, Belfast and London; Forest’s 23 employees in Kent transferred to Version 1 on 31 October.

Forest develops and supports IT solutions for customers in the packaging and recycling industry.

Justin Keatinge, chief executive officer of Version 1, said this was the first in a series of strategically planned announcements it would make over the coming months.

“Through this first deal, we will greatly strengthen our platform in the UK market and increase profitability. Our strategy is to continually expand through new growth and acquisition. In the next 10 to 15 years, we aim to be the first €1bn Irish services company.”

Established in Dublin in 1996, Version 1 has progressed through organic growth and strategic acquisition.

It has grown strongly in recent years, delivering double digit year-on-year growth in revenues and operating profit, according to Keatinge.