Switch Media acquired by iomart Group £1.25 million
Switch Media, the Liverpool digital agency has been acquired by iomart Group for £1.25 million.
The cloud computing company has bought Switch for a total consideration of £1.25 million, with a further £225,000 to be paid no earlier than October 2011 depending on performance criteria being met.
Angus MacSween, chief executive officer of the iomart Group, commented: "The acquisition of Switch Media is a further step in the achievement of iomart's strategy of building a leading hosting company in the UK. Switch Media is an excellent complementary business to Easyspace in the small company segment of the hosting services market and will enhance the growth of iomart through expansion of the group's customer base and access to new clients."
Upon completion of the deal, Switch Media will have net cash of around £100,000, with an initial cash outlay of £925,000.