Cloud computing company poised for more acquisitions
iomart Group plc (AIM:IOM), has secured a GBP20 million revolving credit facility with Lloyds Bank Wholesale Banking and Markets as it continues its strategy to grow through a combination of organic means and acquisitions.
The Lloyds Bank team in Glasgow previously supported iomart Group, one of the UK's leading cloud computing and managed hosting companies, in 2010 by providing it with a
GBP10 million acquisition facility. iomart Group has subsequently gone on to achieve strong year on year growth, acquiring Switch Media, EQSN and Global Gold in the last financial year.
Angus MacSween, CEO of iomart Group plc, said: "We're on the acquisition trail again this year as we continue our strategy for growth and this increased credit facility from Lloyds Banking Group will allow us to act quickly when the right opportunities arise.
"Lloyds Bank continues to be a very supportive corporate banking partner to iomart Group as we consolidate our leadership in the cloud computing and managed hosting market in the UK. We have enjoyed a strong start to 2012 and the financial backing we receive from Lloyds Bank will help ensure we continue to perform well for the rest of the year, and beyond."
Elaine Prentice, Relationship Director in Glasgow and the West for Lloyds Bank said: "This is the second such facility Lloyds Banking Group has provided iomart Group with in recent years and represents not only the latest development in the on-going relationship between Lloyds Bank and iomart Group, but also our commitment to backing the growth aspirations of Scottish businesses.
"iomart Group is a recognised industry leader and has great potential for further growth. The company has already demonstrated its ability to make successful and strategic acquisitions."
Glasgow-headquartered iomart Group plc was named Scottish plc of the Year 2012 and recently won the award for Outstanding Performance in Business Growth at the Digital Technology Awards.