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The following content is from an older version of this website, and may not display correctly.AIM listed UK hosting supplier Iomart has purchased fellow data center owner Rapidswitch which it run as a separate subsidiary.
In a statement the company said: "Iomart group has today acquired the entire issued share capital of RapidSwitch Limited, a leading managed hosting provider and currently ranked by Deloittes as the 10th fastest growing technology company in the UK, for £4.3M cash on completion with a further £0.95M payable on 31st March 2010."
Iomart operates facilities in London, Glasgow, Nottingham and Leicester. Rapidswitch directors Ed Butler and Paul Tracey, will remain with RapidSwitch Ltd and no job cuts are planned.
For the year to March 2008 revenues grew from £1.4 to £2.6m and EBITDA was £760k. Similar rates of revenue growth have been maintained through to March 09.
Angus MacSween, CEO iomart Group plc, stated: "iomart Group's strong balance sheet, a direct result of our recent disposal of our noncore directory business to BT, has released cash to make strategic acquisitions. The acquisition is in line with iomart's strategy of becoming the UK's foremost hosting company, focused on the delivery of managed hosting environments and solutions, be they virtual, dedicated, cloud, or SaaS."
The purchase of RapidSwitch provides iomart with a fifth data centre, to add to its existing portfolio of 4 newly commissioned UK wide properties. RapidSwitch's data centre, located in Maidenhead, Berkshire, is newly commissioned and operational, and when fully built out it will give iomart Group the capacity to accommodate a further 600 racks.
In a statement the company said: "Iomart group has today acquired the entire issued share capital of RapidSwitch Limited, a leading managed hosting provider and currently ranked by Deloittes as the 10th fastest growing technology company in the UK, for £4.3M cash on completion with a further £0.95M payable on 31st March 2010."
Iomart operates facilities in London, Glasgow, Nottingham and Leicester. Rapidswitch directors Ed Butler and Paul Tracey, will remain with RapidSwitch Ltd and no job cuts are planned.
For the year to March 2008 revenues grew from £1.4 to £2.6m and EBITDA was £760k. Similar rates of revenue growth have been maintained through to March 09.
Angus MacSween, CEO iomart Group plc, stated: "iomart Group's strong balance sheet, a direct result of our recent disposal of our noncore directory business to BT, has released cash to make strategic acquisitions. The acquisition is in line with iomart's strategy of becoming the UK's foremost hosting company, focused on the delivery of managed hosting environments and solutions, be they virtual, dedicated, cloud, or SaaS."
The purchase of RapidSwitch provides iomart with a fifth data centre, to add to its existing portfolio of 4 newly commissioned UK wide properties. RapidSwitch's data centre, located in Maidenhead, Berkshire, is newly commissioned and operational, and when fully built out it will give iomart Group the capacity to accommodate a further 600 racks.