TIDMIOM

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 GBP3.8m and adjusted EBITDA of GBP0.8m (unaudited). The Acquisition is not considered a substantial transaction as defined in AIM Rule 12.

Consideration

The initial consideration for the Acquisition is GBP4.5m paid in cash on completion on a debt and cash free basis, with a potential further GBP0.5m in cash payable on the achievement of certain post-acquisition milestones. The Acquisition also includes up to a further GBP1.4m 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 Broker)   Tel: 020 7597 
                                                     4000 
 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

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