Harrogate-based IT firm Redcentric plc on Friday confirmed press speculation that it is in the early stages of discussions with Italy-based cybersecurity service provider Wiit SpA regarding a possible takeover offer for Redcentric.

On May 16, Redcentric said its revenue rose 15.1% to £163.1 million in the year to March 31, 2024 — but the firm said four of its larger customers “unexpectedly decided to cancel their contracts” amid the company’s move to a new data centre in Elland.

“Discussions are at a preliminary stage and there can be no certainty that any offer will be made, nor as to the terms of any such offer,” said Redcentric.

“Under Rule 2.6(a) of the Code, Wiit SpA must by no later than 5.00 p.m. on 21 June 2024, being 28 days after the date of this announcement, either announce a firm intention to make an offer for Redcentric in accordance with Rule 2.7 of the Code or announce that it does not intend to make an offer for Redcentric, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies.

“This deadline will only be extended with the consent of the Takeover Panel in accordance with Rule 2.6(c) of the Code.

“As a consequence of this announcement, an ‘offer period’ has now commenced in respect of the company in accordance with the rules of the Code …”