Iomart Group PLC Acquisition of Accesspoint Technologies (6421V)
05 Dicembre 2023 - 8:01AM
UK Regulatory
TIDMIOM
RNS Number : 6421V
Iomart Group PLC
05 December 2023
iomart Group plc
("iomart" or the "Group" or the "Company")
Acquisition of Accesspoint Technologies
Acquisition of a leading IT hosting partner focused on the legal
sector
iomart Group plc (AIM: IOM), the cloud computing company, is
pleased to announce that it has agreed to acquire the entire issued
share capital of Accesspoint Group Holdings Limited
("Accesspoint"), the holding company of Accesspoint Technologies
Limited (the "Acquisition").
Based in North East London, Accesspoint is an IT hosting partner
focused on the UK legal industry since 2009. Accesspoint provides a
suite of managed and hosted services including infrastructure
hosting, software licensing, security management, business
continuity services and communications provisioning.
The Acquisition provides iomart with deep industry expertise and
a highly capable team with a strong reputation within the legal
sector. The addition of the new customer base when combined with
iomart's existing legal customers consolidates iomart's position in
a key sector.
For the year ended 31 August 2023, Accesspoint generated
revenues of GBP3.8m and adjusted EBITDA of GBP0.8m (unaudited). The
Acquisition is not considered a substantial transaction as defined
in AIM Rule 12.
Consideration
The initial consideration for the Acquisition is GBP4.5m paid in
cash on completion on a debt and cash free basis, with a potential
further GBP0.5m in cash payable on the achievement of certain
post-acquisition milestones. The Acquisition also includes up to a
further GBP1.4m contingent earn-out payment based on the
profitability of Accesspoint for the 12 months ending 31 August
2024.
The initial consideration will be financed through a combination
of existing bank facilities and cash on the Company's balance
sheet.
The vendors of Accesspoint comprise solely the existing
Directors being Richard Roebuck, Victor van Der Poel and Gary
Shaw.
Lucy Dimes, CEO of iomart Group plc, commented:
"The flow of sensitive data and drive to adopt technology to
provide enhanced customer service within the legal sector means
that data management, security and data sovereignty are all
pressing considerations for legal firms and ones in which iomart
and Accesspoint excel.
We are delighted to welcome Accesspoint's growing list of
customers into the iomart Group and excited to be working with the
full team to further advance iomart's differentiation in this
sector and positively contribute to the Group's overall organic
growth plans."
For further information:
iomart Group plc Tel: 0141
931 6400
Lucy Dimes, Chief Executive Officer
Scott Cunningham, Chief Financial Officer
Investec Bank PLC (Nominated Advisor and Broker) Tel: 020 7597
4000
Patrick Robb, Virginia Bull, Nick Prowting
Alma Strategic Communications Tel: 020 3405
0205
Caroline Forde, Hilary Buchanan, Kinvara Verdon
About iomart Group plc
iomart Group plc (AIM: IOM) is a cloud computing and IT managed
services business providing hybrid cloud infrastructure, data
management, protection and cyber security services, plus digital
workplace capability. Our mission is simple: to make our customers
unstoppable by enabling them to connect, secure and scale anywhere,
anytime. From our portfolio of data centres we own and operate
across the UK to connected sites around the world, our 500-strong
team can design and deploy the right cloud solution for our
customers.
For further information about the Group, please visit www.iomart.com
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END
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