Phoenix profits from disaster.
Investors Chronicle - magazine and web content, May, 2007
Phoenix IT's acquisition of ICM will help its disaster recovery business offset slower growth elsewhere Tim Bradshaw
Phoenix's chief executive, Nick Robinson, warns investors "not to read too much" into his regular warning that the IT hardware business is commoditising. But while it's a useful defence for falling margins, this immutable industry law is also why Phoenix was so keen to beat private equity to acquire ICM, a disaster recovery business. The merger reduces to four the number of UK players in a growth market fuelled by regulation. Mr Robinson says he didn't expect the bidding war for ICM to go on as long as it did, but realised during that process that the sales and likely cost savings were also above initial expectations.
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