Property specialist Styles&Wood has acquired data centre services provider Keysource Limited.

The £2 million deal will see the Group expand into the data centre market, which is predicted to reach over £1.1 billion by the end of 2020.

In addition, Styles&Wood said the move is in line with the Group's focus on "diversifying its service offering across key sectors".

A further £5m deferred payment will depend on the "achievement of certain financial performance criteria" over the next three years.

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Tony Lenehan, Chief Executive Officer, said: "We are delighted to announce the acquisition of Keysource. The data centre market is a sector we have been looking to access for some time and believe it has strong growth prospects driven by a combination of macro and regulatory factors.

"The acquisition follows our successful consortium arrangement with Keysource on an ongoing major banking framework and we have been very impressed with the team's expertise and project delivery capabilities.

"This acquisition further reinforces our strategic vision and will enable us to widen our service offering to both existing and new customers and create new sustainable business opportunities for the group as a whole."

(LM)