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iomart announces £60m funding package from Bank of Scotland

27th July 2015 · Investor News

iomart Group Plc (AIM: IOM), one of Europe’s leading providers of cloud computing and managed hosting services, has announced a substantial additional funding package from Bank of Scotland for further strategic acquisitions. The bank has provided the company with a total facility of £60milllion.

iomart, which operates through a number of hosting brands including Backup Technology, Melbourne, RapidSwitch, Redstation and Easyspace, has made 12 acquisitions since 2010. The latest of which, SystemsUp, an IT consultancy specialising in the design of Public Cloud solutions, was acquired for an estimated total consideration of £12.5m.

iomart currently employs approximately 380 people and reported annual revenue of £65.8m for the year ended 31 March 2015. The company owns and operates data centres in eight locations throughout the UK.

Richard Logan, Director of Finance for iomart, says: “An ambitious growth strategy needs strong financial foundations. The combination of this increased facility from the Bank of Scotland and our own operating cashflow gives us the liquidity to make further acquisitions.”

Angus MacSween, Chief Executive of iomart, continues: “Our ambition is to be the market leader in the UK for cloud and managed hosting services including the growing opportunity to provide hybrid cloud.  We will continue to look for well positioned businesses that can give us the specialist skills and knowledge we need to achieve that, knowing we have the firepower to move quickly when the right opportunity arises.”

Andy Seaton, Relationship Director at Bank of Scotland, comments: “There is a long standing relationship between iomart and Bank of Scotland and we have been pleased to assist the business through a number of acquisitions in recent years, including the recent purchase of SystemsUp.

“We look forward to continuing to support the business’ future growth strategy and capital expenditure programme.”

 

 

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