Iomart buys Titan Internet for 拢4.2m
- Published
Iomart has signalled that it is looking for other acquisitions
Internet web hosting firm Iomart has said it is buying rival company Titan Internet for 拢4.2m.
Glasgow-based Iomart will pay 拢3.6m on completion of the deal and another 拢600,000 by April 2011.
Titan currently manages more than 1,000 servers on behalf of clients from small businesses to large corporations.
Angus McSween chief executive of Iomart, said: "The purchase of Titan Internet provides us with additional highly-skilled technical expertise."
He added: "We announced back in June that the group intended to become the UK's leader in the relatively-new cloud computing market, through a combination of organic growth and acquisition."
Cloud computing is a relatively new term and is the management and provision of applications, information and data to customers.
Last year Iomart bought another company, Rapidswitch for 拢5.3m.
The group also revealed that it had secured a 拢10m credit facility from Lloyds Banking Group to support its growth strategy.
It said it would "continue to explore a number of complementary acquisition opportunities over the months ahead."
Iomart was founded in 1998, starting out as a telecoms and internet service provider.
- Published2 June 2010