UK - Capita Hartshead has acquired Gissings Consultancy Services in a move designed to bolster and improve its existing services.
The deal was completed this morning, for an undisclosed sum, and will result in the merger of the companies, with all staff transferring across, and with Gissings being re-branded as Capita Hartshead.
Although there is a lot of "commonality" in the services provided by the two firms, Capita Hartshead suggested the acquisition will add "further capacity and expertise" to its actuarial and pensions consultancy business, particularly in London and the South-East.
Gissings currently employs around 50 staff at its offices in London, and as part of the deal the firm's administration clients, which are currently outsourced to HCL, will transfer to the Capita Hartshead administration team.
Mike Addenbrooke, managing director at Capita Hartshead, said: "Gissings has an excellent track record of providing innovative, cost-effective advisory solutions to its clients and there is obviously a great synergy in our styles of working. This acquisition will complement our existing services and enhance our market standing."
He also claimed that despite the current "tough business environment" the demand for Capita's administration and consultancy services is on the increase.
The acquisition folllows an earlier expansion by Capita Hartshead in 2007 when it purchased actuarial cosnultants Aspen and the pension consultancy and service provider Higham Dunnett Shaw in the same month. (See earlier IPE articles: Capita buys Aspen's consultancy service and Capita enters annuity market with purchase)
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