London company buys Maine information technology firm for $1.5 million

Posted Nov. 07, 2013, at 2:36 p.m.

CAMDEN, Maine — A London-based company has acquired Know Technology, an information technology service provider with offices in Camden and Portland, according to a news release from the company.

Enables IT, a publicly traded IT company with operations in Europe, South Africa and the United States, including an office in Brunswick, has been in talks with Know Technology for five months, according to the release.

The London company will pay $1.5 million for Know Technology, according to a regulatory filing from the London Stock Exchange first reported by Mainebiz.

The filing reveals that Know Technology posted revenue of approximately $2.8 million with adjusted net profits of $300,000 for the period that ended June 30, 2013.

Enables IT said in the filing that the acquisition would help it expand its business operations in the United States.

All members of the Know Technology leadership and staff have been offered positions with Enables IT, according to the release from Know Technology. Patrick Jones, Know Technology’s president, will become Enables IT’s president of North America, while Steve Hand, who founded Know Technology, will become Enables IT’s director of business development.

Know Technology’s Maine operations will merge with Enables IT in Brunswick. The combined business will keep the Enables IT name and have 41 staff in the United States.

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