Sharp acquires IOT Plc
Sharp Electronics UK has announced that it has acquired IOT (Holdings) Plc, which will operate as a subsidiary of Sharp Electronics UK with immediate effect. The acquisition will significantly increase the size of Sharp's business, which includes the manufacturing of solar panels as well as a newly launched renewable energy academy.
Founded in 1964, IOT Plc has grown into a highly successful company in its sector, with an excellent reputation for high quality service and a strong capability in managed print services and solutions-led business. The company has developed a nationwide in-house servicing capability which, combined with Sharp's existing national service operation, will give Sharp greater scope to tender for public-sector contracts.
In addition to Sharp's range of colour and mono hardware, the breadth of the company's portfolio will also allow opportunities for cross-selling of other products, including EPoS systems and digital signage solutions throughout IOT's sales network.
IOT will continue to trade under its current name, and remain under the current management team, headquartered in Wakefield.
Paul Molyneux, Sharp UK managing director, commented: "We are very pleased to announce the acquisition of IOT, which signals the beginning of a period of exciting growth for both businesses going forward. IOT's position as a very stable, profit-focused business with a strong service-based culture is the result of an approach Sharp are keen to learn from and pursue aggressively. We bring the strength of a global brand and an ongoing commitment to product development that will deliver future market opportunities.”
Martin McCarney, IOT chief executive, said: "I am delighted that IOT will now be part of the internationally recognised and trusted Sharp brand. Clients will benefit from the best of both worlds; IOT's outstanding service-led expertise supplemented with the resources and backing of a major global manufacturer.”