Internet hosting company iomart Group has acquired Titan Internet for £4.2 million.
Internet hosting company iomart Group has acquired Titan Internet for up to £4.2 million.
An initial sum of £3.6 million will be followed by a deferred performance-related payment of up to £600,000 in 2011.
Angus MacSween, CEO of iomart Group, comments: ‘Our strategy has always been to grow both organically and through acquisition. Having recently announced that our organic growth is ahead of market expectations, we believe the acquisition of Titan will accelerate that growth through the incorporation of an excellent managed hosting operation with an impressive client list.’
AIM-listed iomart Group provides managed hosting and cloud computing services to UK companies. The group owns and manages five UK data centres, and includes the companies iomart hosting, Easyspace, Netintelligence, VirtualServers, internetters and RapidSwitch.
Essex-based Titan Internet was founded in 2001 and currently manages around 1,000 servers on behalf of clients including SMEs and large corporates. In 2009, the company declared a pre-tax profit of £342,000 on a turnover of £3.4 million, and had net assets of £765,000.
