Last updated: June 5, 2023
1 minutes read
AIM-listed cloud service firm iomart is acquiring Microsoft Azure cloud solutions firm Extrinsica Global Holdings, headquartered in the UK.
The acquisition is providing iomart with deep Microsoft Azure expertise, a team of 33 cloud experts, and a growing customer base.
Initially, iomart will pay £4m for the purchase, and a further £300,000 in cash on condition of Extrinsica meeting certain targets. iomart will also then pay another £4m-£7m on top, based on Extrinsica’s profitability for the 12 months ending 31 March, 2024.
Last year, Extrinsica had revenues of £7.4m (up 40%) with an unaudited EBITDA of £0.1m.
Simon Smith, CEO and co-founder of Extrinsica, will continue to operate as its head.
