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Cloud firm Iomart on lookout for more acquisitions

Angus MacSweenCloud computing company Iomart remains on the lookout for acquisitions following another strong year of growth in which it has deepened its relationship with some of the world’s technology giants.

Chief executive Angus MacSween (pictured), said in a statement to the London Stock Exchange that there are “still opportunities to make attractive acquisitions and if anything the market has been more active of late.

“As ever we remain focused on making the “right” acquisitions and I’m pleased to report that we completed the acquisition of ServerSpace Limited last week.”

The deal involves has an initial cost of £2.6m with a further maximum contingent amount of £1.65m due on the achievement of certain levels of performance over the period until September 2015. ServerSpace is a London based cloud hosting provider.

ServerSpace provides cloud and managed hosting as well as colocation and connectivity and was named by Deloitte as one of the fastest growing tech companies in the UK in 2012 and 2013. Customers include the Jurys Inns hotel group and Car Shop, the UK’s leading car supermarket group.

Tim Pat Dufficy, owner and founder of ServerSpace, said: “Having the weight of an impressive parent company like iomart behind us will help us win bigger deals and I’m excited at the opportunities that lie ahead.”

Iomart was one of a handful of hosting companies chosen last week to be part of Microsoft’s new Cloud Solution Provider programme and EMC has also selected iomart as its European partner for the launch of EMC Enterprise Hybrid Cloud.

Today the firm unveiled adjusted half-year pre-tax profit up 27% from £6.3m to £8m on a 28% rise in revenue from £24.6m to £31.5m.

MacSween, said:  “The market opportunity remains large and long term and, in a fast moving and ever evolving industry we have the skills and experience to continue to perform well.

“Our focus going forward is on continuing to deepen our relationships with the large vendors and their growing trust in our abilities gives me great confidence for iomart’ s prospects in the years ahead.”

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