Former Evros executives vow ‘to open new opportunities’ after buying HCS

Two of the team of telecoms executives that split around €80m from the sale of Evros to Eir four years ago have bought Waterford-based managed services provider HCS.

Investment vehicle Centric360 has announced the acquisition of HCS, which has offices in Dublin, Waterford and Cork.

Centric360 is owned jointly by Pamela Farrell and Brian Larkin, former directors of the Evros Technology Group which was acquired in 2020 by Eir.

Mr Larkin was CEO of Evros when it was sold and had a 33pc stake in the business. Evros founder Bob Murray had another 33pc shareholding, while then commercial director John Kennedy had 25pc and account director Ms Farrell had an 8pc stake.

Mr Larkin and Ms Farrell have teamed up again to buy HCS under a deal that will see further investment in 2025, including the expansion of its service portfolio and team.

HCS has been in business for three decades as a managed services business spanning cyber security, cloud, digital transformation and telecoms with customers across financial services, healthcare, hospitality, pharmaceutical and manufacturing sectors.

Since 2020, HCS has increased its turnover from €3.5m to a projected revenue of €8m this year and more than doubled its team from 24 to 50 employees.

Following the acquisition, Mr Larkin will become chairman and Ms Farrell will assume the role of managing director. They intend to shift HCS’s existing focus beyond the SME and midmarket space to include larger enterprises.

​The acquisition includes the purchase of the HCS headquarters in Waterford, where the business intends to strengthen its presence further.

The current HCS owners and directors – Seán Hegarty, Dan Hegarty and Neil Phelan – will continue in their roles.

HCS CEO Mr Phelan said the buyers will bring extensive industry experience, strong professional reputation, and a proven track record in leadership and business expansion.

“Combined with our high-quality services, excellent client relationships and talented team, we look forward to elevating HCS to the next level,” he said.

Ms Farrell said the acquisition will be followed by further investment.

“With the alignment of culture and expertise, we look forward to further investing in operations, expanding the company’s capabilities, and bolstering the team.

“In turn, we intend to open up new opportunities while building on the organisation’s existing legacy of delivering transformational, innovative services which customers can trust,” she said.

Reporting on:independent.ie