Tue, 22 Oct 2019 | BUSINESS SALE
Warrington-based IT services provider Adept4 has completed the acquisition of cloud technology company CloudCoCo Ltd.
The deal had been agreed earlier this month and went through following shareholder approval at a general meeting held Monday (October 21).
Following the deal, CloudCoCo chair Andy Mills has been appointed Chief Executive Officer of Adept4. Adept4 has, additionally, exercised a call option on the loan notes it issued as consideration for the acquisition, issuing 218.2 million acquisition shares to sellers in exchange. Adept4 has also completed its debt refinancing.
Upon full completion of the acquisition, CloudCoCo Ltd. will rebrand as CloudCoCo Group Plc. The rebranding will be followed by a change of web address and trading ticker.
Commenting on the acquisition, Adept4 Chair Simon Duckworth said, “I am delighted that we have now completed the acquisition of CloudCoCo and, at the same time, revised the terms and reduced the level of the group's indebtedness.
"I would also like to welcome Andy Mills to the board. We are very much looking forward to working with Andy and his team as we set about integrating the two businesses. This is an opportunity for us to put Adept4 on a much sounder footing and we approach the future with renewed enthusiasm and vigour."
New Adept4 CEO Andy Mills commented, “I know I speak on behalf of CloudCoCo's founder Mark Halpin and the rest of my colleagues when I say that we are all delighted to be joining the Adept4 team.
"We see a great opportunity ahead to generate value for all stakeholders in the enlarged business through harnessing our sales and marketing skillset with Adept4's technical knowledge and product suite. The hard work starts immediately and we look forward to reporting our progress over the coming months.”
Adept4 shares closed up 17 per cent at 3.22 pence in London on Monday.
For more information about successfully sourcing, approaching and buying a rival business, see the guide to Acquisition Strategy.
View businesses for sale.
The company provides a wide range of smart communication services, including broadband, IoT / Retail SIMs, and its proprietary hosted telephone platform which encompasses hardware, computer-based telephony, and a mobile softphone app. All of which is...
This is a fantastic opportunity to purchase an established (since 2000) and well-respected IT and communications business based in Colwyn Bay.
The company offers a wide-range of branding and marketing services to its clients across the UK. Operating for over 20 years, the business has built a long-standing relationships with its client network, ensuring a stable flow of revenue. The company...
25
|
Apr
|
Ambulance services provider acquired in pre-pack deal | BUSINESS SALE
Elite Emergency Medical Services Ltd (Elite EMS), an ambulan...
25
|
Apr
|
Tile business old to management team by Norcros | MBO/MBI
Johnson Tiles UK, a tile business based in Stoke-on-Trent, h...
25
|
Apr
|
New private equity owner for fleet hire firm | BUSINESS SALE
West Lancashire-based fleet hire business NRG Riverside has ...
27
|
Aug
|
Adept4 IT service provider to acquire Leeds cloud technology firm | BUSINESS SALE
Adept4, an AIM-listed IT services company based in the North...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.