Iomart Group, the cloud and IT services solutions provider, has announced it will fully acquire all assets of London-based Accesspoint Technologies.

The IT hosting firm has dealt mainly with the UK legal industry since 2009, providing an array of managed services, ranging from software licensing, infrastructure hosting, and security management, to business continuity services and communications provisioning.

Accesspoint generated £3.8m yearly revenue by September 2023, with an adjusted earnings of £800,000. The IT firm is set to provide iomart with a refined industry expertise from its strong reputation in the legal sector, providing insight into the key sector.

£4.5m, the initial consideration, will be paid in cash on a debt free basis, upon completion. There will be a potential further £500,000 that can be payable on particular achievements made after the acquisition.

The deal also includes up to a further £1.4m, which is contingent  on the profitability of Accesspoint for the 12 months ending 31 August 2024.

The current vendors at Accesspoint consist only of their existing directors: Richard Roebuck, Victor van Der Poel, and Gary Shaw.

Recommended

• Scots Cloud Computing Firm iomart Announces CEO Change
• iomart Group Acquires English Cloud Rival
• Iomart Hits Record Sales Despite £7M Raise In Energy Costs

Lucy Dimes, chief executive of iomart, commented, as reported by Insider: “The flow of sensitive data and drive to adopt technology to provide enhanced customer service within the legal sector means that data management, security and data sovereignty are all pressing considerations for legal firms and ones in which iomart and Accesspoint excel.

“We are delighted to welcome Accesspoint’s growing list of customers into the iomart group and excited to be working with the full team to further advance iomart’s differentiation in this sector and positively contribute to overall organic growth plans.”

This is not the first time iomart has acquired an English cloud services provider – earlier this year, the Scottish company acquired English rival Extrinsica Global Holdings limited, a Microsoft Azure cloud solutions provider.