REG - Iomart Group PLC - Acquisition of Accesspoint Technologies

iomartAnnouncement

05/12/2023 07:15

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RNS Number : 6421V  Iomart Group PLC  05 December 2023

iomart Group plc

("iomart" or the "Group" or the "Company")

 

Acquisition of Accesspoint Technologies

 Acquisition of a leading IT hosting partner focused on the legal sector

 

iomart Group plc (AIM: IOM), the cloud computing company, is pleased to
announce that it has agreed to acquire the entire issued share capital of
Accesspoint Group Holdings Limited ("Accesspoint"), the holding company of
Accesspoint Technologies Limited (the "Acquisition").

 

Based in North East London, Accesspoint is an IT hosting partner focused on
the UK legal industry since 2009. Accesspoint provides a suite of managed and
hosted services including infrastructure hosting, software licensing, security
management, business continuity services and communications provisioning.

 

The Acquisition provides iomart with deep industry expertise and a highly
capable team with a strong reputation within the legal sector. The addition of
the new customer base when combined with iomart's existing legal customers
consolidates iomart's position in a key sector.

 

For the year ended 31 August 2023, Accesspoint generated revenues of £3.8m
and adjusted EBITDA of £0.8m (unaudited). The Acquisition is not considered a
substantial transaction as defined in AIM Rule 12.

 

Consideration

 

The initial consideration for the Acquisition is £4.5m paid in cash on
completion on a debt and cash free basis, with a potential further £0.5m in
cash payable on the achievement of certain post-acquisition milestones. The
Acquisition also includes up to a further £1.4m contingent earn-out payment
based on the profitability of Accesspoint for the 12 months ending 31 August
2024.

The initial consideration will be financed through a combination of existing
bank facilities and cash on the Company's balance sheet.

 

The vendors of Accesspoint comprise solely the existing Directors being
Richard Roebuck, Victor van Der Poel and Gary Shaw.

 

Lucy Dimes, CEO of iomart Group plc, commented:

 

"The flow of sensitive data and drive to adopt technology to provide enhanced
customer service within the legal sector means that data management, security
and data sovereignty are all pressing considerations for legal firms and ones
in which iomart and Accesspoint excel.

We are delighted to welcome Accesspoint's growing list of customers into the
iomart Group and excited to be working with the full team to further advance
iomart's differentiation in this sector and positively contribute to the
Group's overall organic growth plans."

 

For further information:

 iomart Group plc                                                                      Tel: 0141 931 6400
 Lucy Dimes, Chief Executive Officer
 Scott Cunningham, Chief Financial Officer

 Investec Bank PLC (Nominated Advisor and                                              Tel: 020 7597 4000
 Broker)
 Patrick Robb, Virginia Bull, Nick Prowting

 Alma Strategic Communications                                                         Tel: 020 3405 0205
 Caroline Forde, Hilary Buchanan, Kinvara Verdon

 

About iomart Group plc

 

iomart Group plc (AIM: IOM) is a cloud computing and IT managed services
business providing hybrid cloud infrastructure, data management, protection
and cyber security services, plus digital workplace capability. Our mission is
simple: to make our customers unstoppable by enabling them to connect, secure
and scale anywhere, anytime. From our portfolio of data centres we own and
operate across the UK to connected sites around the world, our 500-strong team
can design and deploy the right cloud solution for our customers.

 

For further information about the Group, please visit  www.iomart.com
(http://www.iomart.com/)

 

 

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