9. imoart
Deals announced in 2024: Atech Cloud (October)
Appetite for M&A
Although AIM-listed cloud and hosting outfit Iomart only made one acquisition in 2024, it was for a hefty layout.
It ponied up £57m in October for Atech, a “highly accredited” Microsoft Solutions Partner with £32.2m revenues and 150 staff.
The move follows on from Iomart’s 2023 acquisition of Microsoft Azure specialist Extrinsica Global, with CEO Lucy Dimes revealing it had had its eagle eye on Atech for a while.
What they said
“Atech was a strategic target for us, and creates a powerful combination of Microsoft credentials, managed security services, high quality referenceable customer deployments, leading-edge technology and global delivery capability. This accelerates and plays directly into our vision to be the UK’s leading secure public, private and hybrid cloud services provider, marking the start of the next phase in the evolution of iomart,” iomart CEO Lucy Dimes
Fun fact
In a bird-based naming double, Atech’s previous private equity owner and holding company, respectively, were ‘Pelican Capital’ and ‘Kookaburra Topco’.
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