iomart Group plc (AIM: IOM) – another exciting acquisition
iomart, the cloud computing company has today announced that it has acquired the entire issued share capital of SystemsUp, a London consultancy specialising in the delivery of OT transformation using public cloud, for an initial cash consideration of £9.0m. An interim payment of £0.5m in respect of the cash-free, debt-free normalised working capital adjustment has also been paid and a further contingent consideration is due in respect of revenues, for the year to March 2016 and estimated to be in the region of £1.0m to £3.5m.
iomart Group is one of the UK’s leading providers of cloud computing services. From a single server through to private cloud networks, iomart specialises in the delivery and management of mission-critical hosting services, enabling customers to reduce the costs, complexity and risks associated with maintaining their own cloud applications. Today’s acquisition brings exciting technology and customer additions to the Group’s portfolio. SystemsUp boasts a range of expertise in the design and delivery of public cloud solutions and is a G-Cloud partner to Google, an authorised Government Partner to Amazon Web Services and a Microsoft Gold Partner. iomart have made many…