DUET Acquisition Corp., a special purpose acquisition company (SPAC), has acquired home office and small business IT support provider AnyTech365. The SPAC M&A deal values AnyTech365 with a $200 million enterprise value, and a pro forma market capitalization of $287 million.
This is technology M&A deal number 716 that ChannelE2E has covered so far in 2022. See more than 1,000 technology M&A deals involving MSPs, MSSPs & IT service providers listed here.
The SPAC M&A trend was red-hot in 2020, but has since cooled off as SPACs struggled to find high quality businesses at reasonable M&A valuations.
M&A Involves European IT Support for Small Businesses, Home Offices
AnyTech365, founded in 2014, is headquartered in Marbella, Spain. The company has 248 employees listed on LinkedIn, and an overall headcount of more than 400 staff members, AnyTech365 indicates.
AnyTech365 offers remote IT support for a monthly subscription fee. The company, backed by DUET, plans to pursue strategic acquisitions. AnyTech 365 also partners closely with Media Markt, a European electronic retailer with over 1,000 stores.
Amid the DUET deal, AnyTech365 is set to become a publicly traded company under ticker symbol ANYT.
DUET Acquires AnyTech365: Executive Perspectives
In a joint statement about the SPAC merger, Janus Nielsen, founder of AnyTech365, and Tero Turunen, executive chairman, said:
“Since our founding, AnyTech365 has been focused on simplifying the IT security and support industry for consumers who are overwhelmed by the complexity and noise of the space. We understand the frustration that consumers feel, which is why we set out to create a one-point solution for exceptional service and first-class IT security technology. Our recently announced partnership with Media Markt, coupled with the heightened degree of cybersecurity risk across the globe, has created a favorable environment for us to accelerate our growth. This merger with DUET will provide us with greater opportunity to capitalize on our momentum, expand our offerings, and take advantage of improved access to capital markets. DUET’s expertise in high-growth, disruptive technologies make them an ideal partner to take AnyTech365 through its next phase of growth and we look forward to working with them as strategic investors.”
Concluded Yeoh Oon Lai and Dharmendra Magasvaran, Co-CEOs of DUET:
“We launched DUET with the intention of finding a disruptive change-maker technology enterprise and have found an ideal partner in AnyTech365. The Company is reimagining customer care, disrupting the complex IT support industry, and providing consumers with a reliable and trustworthy partner. This business combination will accelerate AnyTech365’s ability to scale effectively and expand its service offerings across Europe and into new geographies. We are excited to partner with Tero, Janus, and the entire AnyTech365 team.”