LONDON (ShareCast) - Cloud computing company Iomart has acquired SystemsUp for an initial cash consideration of £9m.
SystemsUp, a London consultancy focused on the delivery of IT transformation using Public Cloud, generates a turnover in the 12 months to 31 March of £4m, while pre-tax profit came in at £1.5m and net assets were £1.25m.

Iomart has made an interim payment of £0.5m, while a further contingent consideration is due in respect of revenues, on an adjusted basis, for the year to March 2016. Iomart has estimated that this contingent payment could be around £1m to £3.5m.

The initial consideration and any contingent consideration will be financed out of Iomart's existing banking facilities and the acquisition is expected to be immediately earnings enhancing before acquisition costs, the company said.

At 10:50 BST, Iomart shares were down 2.1% at 234.08p.

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