16 August 2012 - 9:51am | posted by | 2 comments

iomart takes over Melbourne Server Hosting in £7 million deal

iomart is to take over Manchester-based Melbourne iomart is to take over Manchester-based Melbourne

Cloud computing company iomart Group has taken over Melbourne Server Hosting in a deal worth up to £7 million.

Manchester-based Melbourne provides hosting solutions to more than 600 customers and operates its own data centres in Manchester. The deal sees iomart increase its datacentre capacity as well as filling a geographical gap in the iomart datacentre estate. The acquisition of Melbourne will also give iomart a sales platform to address the North of England market.

In 2011, Melbourne’s turnover was £2.9 million before tax, depreciation and amortisation of £0.63 million and net assets of £0.26 million. On completion, Melbourne is expected to have a net debt of £0.17 million.

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Comments

16 Aug 2012 - 10:37
Nick Rhind's picture
80
comments

Well done Melbourne, its probably the best time to have sold for you on your growth plan.

Im sure there will be lots more news coming soon

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16 Aug 2012 - 17:47
Daniel Atherton's picture
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comments

Great news for Melbourne there. Would be intrigued to see the details of the deal as the headline of £7M would mean a P/E of 11 from an EBITDA of £630K. Presumably there's some earn out, shares or performance related stuff in there.

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