iomart Receives £60 Million to Fund Further Acquisitions

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This article originally appeared at The WHIR

Scottish cloud and managed hosting company iomart has received £60 million (approximately $93.5 million USD) from the Bank of Scotland to fund further acquisitions, the company announced Monday. iomart has made 12 acquisitions in the last five years, and is seeking to extend a period of rapid growth.

Public cloud consultancy SystemsUp became the latest iomart acquisition in June in an estimated £12.5 million deal. Backup Technology, ServerSpace, and EQSN are among the other companies picked up by iomart since 2010.

“Our ambition is to be the market leader in the UK for cloud and managed hosting services including the growing opportunity to provide hybrid cloud,” iomart CEO Angus MacSween said. “We will continue to look for well positioned businesses that can give us the specialist skills and knowledge we need to achieve that, knowing we have the firepower to move quickly when the right opportunity arises.”

iomart reported an 18 percent increase in annual revenue to £65.8 million, and a 14 percent increase in profit to £16.6 million for the year ending March 31 2015. The company turned down an acquisition offer of £300 million from German web host Host Europe Group a year ago, and picked up an international revenue boost in a deal to provide backup services for IIJ Europe earlier this month leveraging the earlier Backup Technology acquisition.

Among the few clues as to what company might be targeted by iomart next are MacSween’s references to “hybrid cloud” and “specialist skills,” both of which could be used to describe the services of recent iomart acquisitions. Hybrid cloud adoption could triple in the next three years, according to an April Peer 1 report.

This first ran at https://www.thewhir.com/web-hosting-news/iomart-receives-60-million-to-fund-further-acquisitions