iomart has continued its growth strategy with the acquisitions of Backup Technology and Redstation for a total consideration of £31.1m. Bank of Scotland continue to support the business and provided a debt package of £35m as part of the Backup Technology deal.
iomart now has a market cap of over £300m and is one of Europe’s largest providers of cloud computing services. It is growing rapidly, successfully executing a combined organic and acquisitive growth strategy. These transactions are the latest in a succession of iomart acquisitions that the Scottish BDO CF team have been involved in, since first working with the company in 2011.
“The approach of the BDO corporate finance team was focused, commercial and responsive to our needs in what was a significant transaction for iomart. They worked closely with our team and were proactive in identifying and addressing issues as they arose. We have now worked together on a number of deals and look forward to doing so again.”
Richard Logan, Finance Director, iomart Group plc