Iomart Group PLC - Glasgow, Scotland-based managed services and cloud computing firm - Acquires Concepta Capital Ltd, a holding company for firms including the ORIIUM and Pavilion IT brands, for an initial cash payment of GBP10.5 million.
Iomart will also a deferred GBP4.0 million depending on Concepta's profit performance for the year ending June 30, 2023.
ORIIUM is a channel only IT services provider while Pavilion IT is a provider of cloud and hybrid infrastructure services.
"We are delighted to welcome the Concepta team to iomart, marking the resumption of our M&A activity in line with our strategic plans. After careful assessment of the market, in Concepta we found a business and team that fits within our strategic growth plan by, extending the Group's product, skills and capabilities, strengthening our direct and indirect routes to market, and complementing the group's strong financial model," said Chief Executive Officer Reece Donovan.
Current stock price: 173.00 pence
12-month change: down 33%
By Dayo Laniyan; dayolaniyan@alliancenews.com
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Iomart (IOM)