- Cloud computing company iomart has taken over Backup Technology Holdings Ltd and its wholly owned subsidiary, a leading provider of cloud data back-up and disaster recovery services.

The total consideration paid for BTL is £23m, satisfied through an initial consideration of £17.5m in cash and £3.5m from the issue of 1,205,857 new ordinary shares. A further deferred consideration of £2.0m is payable in cash on 31 January. Based in Leeds, BTL boasts an impressive customer portfolio of 200 enterprise clients including Siemens, British Red Cross, Lloyds Register, Suzuki and Pernod Ricard as well as Liverpool and Everton football clubs.

iomart also issued an update on trading ahead of the announcement of half yearly results for the six months to 30 September.

The group said trading in the first half of the year remained strong, with revenue and profits substantially ahead of the comparative period last year and in line with current consensus market expectations.

At 9:56am: [LON:IOM] Iomart share price was -10.37p at 279.88p

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