Cloud company iomart (AIM: IOM) said it has made its second acquisition of 2015, acquiring the managed hosting company United Communications Limited which trades as United Hosting.
iomart said it has acquired the entire issued share capital (on a cash-free/debt-free normalised working capital basis) for a total consideration of up to GBP11.0 million, with GBP7.5 million settled in cash on completion. A further GBP3.5 million is contingent on United Hosting achieving agreed EBIT performance targets in years to April 2016 and 2017.
United Hosting was founded in 1998 and provides managed, dedicated and shared hosting services and domains to approximately 6,500 customers, the majority of which are small businesses. The company is based in Hemel Hempstead in Hertfordshire, where its main data centre facility is located. It also leases data centre space in London and in Dallas, Texas and has a support function based in India.
The co-founders of United Hosting, brothers Matt and Simon Wallis, will remain with the business.
Award winning cloud company iomart Group PLC enables businesses and organisations to operate their online data and IT environments safely and securely. Headquartered in Glasgow, Scotland, iomart partners with leading vendors such as VMware, Amazon, EMC, Microsoft, Asigra, Arbor and Dell to offer customers a centrally managed, controlled and completely agnostic set of hybrid, private and public cloud platforms.