March 22, 2022
Sword Group described Ping as “an award-winning network and security systems integrator and managed service provider”. The company has a revenue forecast of about €13 million for 2022.
Ping is based at Bellshill in Lanarkshire and also has offices in Glasgow and Aberdeen. Certified to Cisco CCIE level, it provides networking solutions to the energy, financial services, education, public sector, manufacturing and construction markets. It has a bespoke, 24×7 network operations centre (NOC).
Sword Group, which has 430 staff and more than 100 contractors in its UK business, said Ping’s 80 employees will transfer over to its operation.
Both companies said they were “delighted about the possibilities this relationship brings”.
Sword said Ping’s “experienced team of engineers offer exceptional levels of skill for clients’ demands and are experts in their field with market-leading experience and accreditations.”
Sword UK’s Dave Bruce
“I’m delighted to welcome the Ping team into Sword,” said Dave Bruce, CEO of Sword UK. “This deal will allow us to deliver a more complete range of solutions to our customers. The Ping team has an exceptional level of skill and domain experience and is focused on delivering quality solutions. They will be a great fit within Sword. Our shared core values will ensure we continue to provide an exceptional result for our customers and the wider Sword Group.”
“Ping has a longstanding working relationship with Sword in the UK and is very excited to be joining the Sword Group. Our experience in delivering network and security solutions will complement Sword’s current service offerings. We are looking forward to furthering our growth within the Sword Group,” added Terry Neill, business unit director of Ping.
Sword didn’t say how much it’s paying for Ping. Last month the company sold its Governance, Risk and Compliance (GRC) business to Riskonnect. This would enable its net cash position to “grow very significantly” and allow the financing of new acquisitions.
For 2021, Sword Group posted revenues of €214.6 million with an EBITDA margin of 13.6%.
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