Iomart snaps up SystemsUp for a cool £9m
Consultancy biz receives a Glasgow kiss
Glasgow-based cloud outfit Iomart has snapped up London-based IT consultancy biz SystemsUp for a cool £9m.
SystemsUp is a G-Cloud partner to Google, Amazon Web Services and Microsoft. Its turnover in the twelve months to 31 March 2015 was £4m, with profit before tax of £1.5m.
A further payment of between £1m-£3.5m will be made for the year to March 2016, dependent on sales.
Angus MacSween, chief exec of Iomart, said the acquisition of SystemsUp, has broadened the company's ability "to engage at a strategic level".
Sales dropped 20 per cent to £4.4m for Iomart's full-year 2014, while profit before tax was £1.7m – down from £2.1m – according to the firm's Companies House filing.
In March 2014, Iomart moved its subsidiary hosting division Backup Technology Limited into the main part of the company's biz.
Iomart will tomorrow publish its full-year results ended March 2015. ®