Onyx plan to set up New York office
STOCKTON-BASED data security group Onyx plans to set up its first international office in New York by the end of the year.
The firm said it had spent the first three months of the year integrating its recent series of acquisitions and had witnessed significant organic growth as a result.
Last year saw the company buy London-based Moffat Communications, which provides disaster recovery services to hedge fund managers in the City.
Onyx is now looking to set up offices in New York as a result of its new contacts within the financial markets and said it hopes to provide its data recovery services in districts including Wall Street.
The company, which operates seven sites between the North-east, Edinburgh and London, said it was still determined to become a £50m turnover business over the coming years, and that it was well on the way to growing this year’s sales from £12m to £20m.
Managing director Neil Stephenson said: “We don’t usually make any acquisitions over the first three months of the year, as these are usually good for us anyway.
“However, as a our long-term plan is to get to £50m, we have a number of short-term growth plans in the pipeline.
“As our software and services are sold around the world, it is clear we need an international presence, and as part of our move into the financial markets, New York would seem the perfect place to expand into.”
The last two years has seen Onyx grow from a regional IT company into a national firm through a string of acquisition. Last year also saw it purchase London-based Disaster Recovery Solutions, which runs 70 data recovery offices across the country.
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