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.

Comments

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

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

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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