Waterford-headquartered IT firm HCS to continue growth after reaching 50 employees and revenues of €8m.
Managed services firm HCS, which has offices in Waterford, Dublin and Cork, has been acquired by Centric360, the investment and scaling vehicle jointly owned by Pamela Farrell and Brian Larkin for an undisclosed sum.
The acquisition will be followed by further investment in HCS throughout 2025, including the expansion of its service portfolio and team.
“It was important for us to join forces with people who understand our brand and history”
Farrell and Larkin are former directors of the Evros Technology Group which was acquired in 2020 by Eir.
The next chapter for HCS
Over the past 30 years, HCS has become a highly successful managed services business spanning cyber security, cloud, digital transformation and telecoms.
With a customer base spanning financial services, healthcare, hospitality, pharmaceutical, and manufacturing sectors, HCS has increased its turnover from €3.5m to a projected revenue of €8m in this financial year and more than doubled its team from 24 to 50 employees.
HCS has also invested heavily in automating its systems across sales and services, providing a foundation for long-term growth and innovation.
The acquisition also includes the purchase of the HCS headquarters in Waterford, where the business intends to strengthen its presence further. The current HCS owners and directors – Seán Hegarty, Dan Hegarty and Neil Phelan – will continue in their vital roles, contributing significantly to HCS’s ongoing growth and future success.
“It was important for us to join forces with people who understand our brand and history,” Phelan said.
“Together, we hope to continue driving growth not just for the business but for our employees and customers too. Pamela and Brian bring extensive industry experience, strong professional reputation, and a proven track record in leadership and business expansion. Combined with our high-quality services, excellent client relationships and talented team, we look forward to elevating HCS to the next level.”
Larkin will become chair and Farrell will assume the role of managing director. Together they bring extensive knowledge to the organisation, having been key contributors to building the Evros Technology Group to revenues of over €100 million and a 400-strong team.
“It was clear from the moment we met with HCS that we shared similar values and vision for business,” Farrell said.
“With the alignment of culture and expertise, we look forward to further investing in operations, expanding the company’s capabilities, and bolstering the team. In turn, we intend to open up new opportunities while building on the organisation’s existing legacy of delivering transformational, innovative services which customers can trust.”
Main image at top: Pamela Farrell and Brian Larkin, owners of Centric360, and Neil Phelan, HCS CEO
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