12 Apr 2022
iTrinegy is a leading developer of Software Defined Test Networks technology for the software application and digital transformation testing market.
Calnex Solutions Plc is a UK listed provider of test and measurement solutions for the global telecommunications sector.
iTrinegy’s NE-ONE hardware and software based Network Emulation platform provides organisations with the ability to accurately recreate complex, real-world network test environments in which to analyse and verify the performance of applications, before deployment within complex networks. iTrinegy’s software includes analytics that allows customers to analyse and predict application performance in the cloud or over distributed networks.
Stevenage based iTrinegy’s customers include major companies across the technology, financial, gaming and government sectors, such as: Juniper Networks, JPMorgan Chase, Ubisoft Games, and the Government and Military in the UK and US. iTrinegy was awarded the prestigious Queen's Award for Export Achievement in 2021 particularly due to its US sales, which account for 60% of revenues.
Tommy Cook, Founder and CEO of Calnex, commented: “The cloud migration taking place across multiple sectors and the growth in internet-based applications is fuelling the demand for test solutions to analyse and predict application performance over complex, distributed networks. We see great opportunity ahead for NE-ONE.”
Graham Wood, CEO of iTrinegy added: “Whilst I and two other shareholders had some previous M&A experience, the sheer depth of Brian’s knowledge meant he was able to provide that invaluable additional guidance and advice needed through what is always a complex process. We undertook an extensive “beauty parade” before choosing ICON and having now successfully completed the sale to Calnex feel completely vindicated with our selection. The shareholders are delighted with the overall deal and know Calnex are the right acquirer for the business, our employees and our customers.”
Brian Parker Head of M&A at ICON, who led the transaction, said: “iTrinegy emulators are trusted by some very large US brands to test their new software ahead of deployment. So iTrinegy clearly has very high quality British technical engineering at its heart and looks a good fit with the bigger sales and marketing muscle of Calnex. The Technology M&A market remains very active, despite what is happening in Ukraine, we have now closed 3 deals in the past 3 weeks.”