The Daily Star Ireland
Two telecom executives, who previously split around €80 million from the sale of Evros to Eir four years ago, have acquired Waterford-based managed services provider HCS. The investment vehicle, Centric360, has announced the purchase of HCS, which operates offices in Dublin, Waterford, and Cork.
Centric360 is co-owned by Pamela Farrell and Brian Larkin, former directors of the Evros Technology Group, which was acquired by Eir in 2020. At the time of the sale, Mr. Larkin, who was the CEO of Evros, owned a 33% stake in the company. Evros founder Bob Murray also held a 33% stake, commercial director John Kennedy had 25%, and Ms. Farrell, then the account director, owned 8%.
Mr. Larkin and Ms. Farrell have now partnered to acquire HCS, planning further investments in 2025 to expand its service portfolio and team. HCS, which has been in operation for three decades, provides managed services across cyber security, cloud, digital transformation, and telecoms to customers in sectors such as financial services, healthcare, hospitality, pharmaceuticals, and manufacturing.
Since 2020, HCS has grown its turnover from €3.5 million to a projected €8 million this year and has more than doubled its staff from 24 to 50 employees. Following the acquisition, Mr. Larkin will serve as chairman, and Ms. Farrell will become managing director. Their goal is to extend HCS’s focus beyond SMEs and midmarket clients to include larger enterprises.
The acquisition also includes purchasing HCS’s headquarters in Waterford, where the company plans to further strengthen its presence. The current HCS owners and directors, Seán Hegarty, Dan Hegarty, and Neil Phelan, will remain in their roles.
HCS CEO Mr. Phelan stated that the new owners bring extensive industry experience, a strong professional reputation, and a proven track record in leadership and business expansion. He expressed optimism about the future, citing the combination of high-quality services, strong client relationships, and a talented team.
Ms. Farrell indicated that the acquisition would be followed by further investments. She highlighted the alignment of culture and expertise, aiming to invest in operations, expand capabilities, and enhance the team. This strategy is intended to open new opportunities and build on HCS’s legacy of delivering innovative and trustworthy services to customers.
