iomart Group PLC , an integrated internet and telecommunications provider announced that it has acquired the entire issued share capital of Easyspace Limited, a registrar and web hosting services provider, for a net consideration of Ãƒâ€šÃ‚Â£10.5 million.
The acquisition was funded through a combination of the Ãƒâ€šÃ‚Â£6.25M from shareholders, bank facilities of Ãƒâ€šÃ‚Â£3.5M and the balance from existing reserves. This deal will significantly enhance the scale and profitability of iomart’s internet business and follows the acquisitions of Internetters and NicNames, which are both now fully integrated within iomart internet.
Angus MacSween, CEO, commented: ‘The acquisition of Easyspace is a significant development for iomart and supplements the organic growth of our internet division. We are growing quickly organically and by acquisition. With a combined total of 185,000 customers, following this acquisition, we fully expect to be able to increase revenue per customer.”