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.
This thriving business is a leading provider of specialised web hosting services tailored for financial trading, offering a unique niche market opportunity.
A chance to support or take over a reputable West Midlands managed service provider with a dedicated clientele.
This is a unique opportunity to acquire an established agricultural technology business with a strong international customer base.
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.