Business

Kainos makes latest acquisition as it eyes north American growth

Kainos now employs 1,600 people across 12 locations
Kainos now employs 1,600 people across 12 locations Kainos now employs 1,600 people across 12 locations

BELFAST-based IT group Kainos has announced its latest acquisition as part of US growth plans.

The digital services provider has bought Colorado-based IntuitiveTEK for an undisclosed sum.

The US firm, which employs 38 people, works with business planning software Adaptive Insights.

In November, Kainos announced the acquisition of Formulate and Implexa, which similarly work with Adaptive Insights.

Chief executive of Kainos, Brendan Mooney, said the latest deal makes the Belfast company one of the largest Adaptive Insights practices globally.

He said IntuitiveTEK would help the group accelerate the growth of its North America presence.

“As a leading Workday partner, we see this acquisition as an important step to deepen our expertise in Adaptive Insights business planning cloud in the United States, where we continue to see growing demand from clients in modernizing their planning and financial management processes."

Shares in Kainos rose sharply following the announcement of a 38 per cent jump in pre-tax profits to £12m in November 2019.

Shares peaked at £8.80 at the end of January, pushing the group’s market capitalization well over £1bn. But share value has been on the slide in recent days, amid the worst week for global financial markets since the crash of 2008.

Kainos now employs around than 1,600 people in 12 locations. The group is moving ahead with a new £40 million headquarters on the site of the Moviehouse Cinema in Belfast.