iomart strengthens legal IT sector presence with Accesspoint acquisition

iomart Group plc, a leader in cloud computing, has agreed to acquire Accesspoint Group Holdings Limited, an IT hosting partner focused on the UK legal industry, for an initial consideration of £4.5 million.

Accesspoint’s Industry Focus and Services

Based in North East London, Accesspoint has been serving the legal sector since 2009. The company offers a comprehensive suite of managed and hosted services, including infrastructure hosting, software licensing, security management, business continuity services, and communications provisioning. This acquisition brings iomart a wealth of industry expertise and a reputable team within the legal sector.

Financial Performance and Acquisition Details

For the year ended 31 August 2023, Accesspoint reported revenues of £3.8 million and an adjusted EBITDA of £0.8 million. The acquisition, not considered substantial under AIM Rule 12, includes an additional potential £0.5 million payable upon achieving post-acquisition milestones and up to £1.4 million in contingent earn-out based on Accesspoint’s profitability by August 2024.

Funding the Acquisition

The initial £4.5 million consideration will be financed through a combination of iomart’s existing bank facilities and cash reserves. The acquisition’s sellers are Accesspoint’s current Directors, Richard Roebuck, Victor van Der Poel, and Gary Shaw.

Statement from iomart’s CEO

Lucy Dimes, CEO of iomart Group plc, highlighted the significance of data management, security, and sovereignty in the legal sector. She expressed enthusiasm for incorporating Accesspoint’s customer base into iomart Group and working with the team to enhance the company’s offerings in the legal IT sector and contribute to iomart’s overall organic growth.