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Iomart Group Closes Acquisition of IT Holding Company Concepta
Monday 15 August 2022

UK-based cloud computing company iomart Group plc (AIM: IOM) has closed the acquisition of Concepta Capital Ltd, the company said.

The cash deal was announced on August 3.

The maximum consideration payable for Concepta is GBP 14.5m (USD 17.48m).

iomart will pay an initial cash consideration on completion of GBP 10.5m, subject to potential completion accounts adjustments. In addition, a deferred contingent cash consideration of up to GBP 4.0m will be payable dependent on the future profit performance of the Concepta business in the year ending 30 June 2023. Concepta currently has bank debt of GBP 1.5m which will be taken on by iomart and settled as part of the completion process.

Concepta Capital is a holding company of a group of companies which includes the Oriium and Pavilion IT brands.

iomart Group plc (AIM: IOM) is a cloud computing and IT managed services business providing hybrid cloud infrastructure, network connectivity, security, and digital workplace capability.

It owns and operates portfolio of data centres across the UK.
Date Published: 15/08/2022