British Cloud Company iomart Group Acquires Backup Technology for $37M
British cloud company iomart Group has acquired Leeds, Yorkshire-based Backup Technology (BTL) for $37M (£23 million). The Glasgow, Scotland-based company is one of the United Kingdom’s leading cloud brands. The deal will include cash payment and the issuance of 1,205,857 new ordinary shares with a further £2.0M to be paid in cash at the beginning of 2014. The Bank of Scotland and credit company Revolving Credit Facility will be financing the deal.
Established in 2005, BTL provides data protection services for a range of companies including Siemens, British Red Cross, Lloyds Register, Suzuki and Pernod Ricard. British football clubs Liverpool and Everton also use the company's services. BTL is iomart Group’s second acquisition this year and comes on the heels of its purchase of dedicated servers and managed services provider Redstation.
“We are delighted to welcome BTL to the Group as they have achieved ground breaking progress in the delivery of cloud backup and disaster recovery and have been on our radar for some time," explained iomart Group's CEO, Angus MacSween. "BTL gives iomart a solid and well-established platform to grow further from, with a very good enterprise customer base and little crossover from the existing Group base. It’s a very good strategic fit, complementing our portfolio of existing products.”
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