Acquisition positions Mail Metrics as a major player in the UK market, growing the business to 600 employees and £175m/€210m combined revenue.
Irish tech firm Mail Metrics has acquired UK business Adare SEC for an undisclosed sum.
The move will grow the business to 600 employees and revenues of €210m.
“This acquisition is a natural step in our scaling journey, combining our strengths to deliver innovative and compliant communication solutions for our growing client base across the UK and Ireland”
Mail Metrics has achieved remarkable growth in recent years, with revenue growing from €1 million in 2019 to a projected £175m/€210m proforma in 2024.
The business was founded by CEO Nick Keegan in 2016. He was shortlisted for the EY Entrepreneur of the Year Award in 2023.
The acquisition of Adare SEC, which operates from sites in Huddersfield, Leicester, and Glasgow, increases Mail Metrics’ workforce from 150 to 600 employees, and marks the company’s fourth acquisition in four years.
As part of the deal, MML Growth Capital Partners Ireland has invested a substantial amount in Mail Metrics for a minority stake. The deal is also backed by Bank of Ireland and AIB.
Strong message to market delivered
“This is a landmark day for Mail Metrics as we welcome Adare SEC into our group,” said Mail Metrics’ CEO Nick Keegan.
“Tony Strong and his team have built an exceptional business with a stellar reputation in the market. This acquisition is a natural step in our scaling journey, combining our strengths to deliver innovative and compliant communication solutions for our growing client base across the UK and Ireland.
“I would like to extend my gratitude to our financial backers who have made this deal possible. MML Ireland, our new private equity partner, and our banking partners at Bank of Ireland and AIB have provided invaluable support throughout the process. Their collective confidence in our vision and commitment to this acquisition has been instrumental in bringing us to this successful outcome.”
Mail Metrics’ solution enables large enterprises in highly regulated industries to digitally transform their customer communication and engagement processes while ensuring compliance with increasingly stringent financial and data protection regulations.
This aligns with Adare SEC’s expertise in delivering integrated physical and digital communication management solutions for clients in similarly regulated markets, including the public sector.
“This is a fantastic next chapter for the business and I greatly look forward to working with Nick and the team to ensure a seamless transition,” said Tony Strong, CEO of Adare SEC.
“These are exciting times, and the future looks extremely bright. I want to echo Nick by also thanking our advisory teams EY and Pinsent Masons who have been invaluable during this process.”
Adare SEC’s former chair Peter De Haan, who has owned the company since 2000, will be retiring following the sale.
The acquisition builds on Mail Metrics’ proven track record of strategic growth, following its previous acquisitions of Persona (Ireland) and Forth Communications (UK) in 2021, and Dafil (Ireland) in 2023.
Main image at top: Mail Metrics founder and CEO Nick Keegan
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