Titan Internet is Sold for £4.2 million to Iomart Web Hosting Provider

GreatResponder.com – 2010-11-02Iomart a company which is based in Glasgow will pay £3.6 million to complete the deal and there is another payment of £600,000 which will be paid in April 2011.

Titan Internet is currently have more than 1,000 servers used by its clients which are from small businesses to big corporations.

“The purchase of Titan Internet provides us with additional highly-skilled technical expertise.” Angus McSween chief executive of Iomart said

He also added: “We announced back in June that the group intended to become the UK’s leader in the relatively-new cloud computing market, through a combination of organic growth and acquisition.”

Cloud hosting is a new technology which involve in the provision and management of information applications, information and data to clients.

Also on 2009 Iomart hosting provider bought Rapidswitch for £5.3 million.

Iomart hosting said that it had secured a £10 million credit facility from Lloyds Banking Group to help on its growth strategy.

Iomart hosting added that it would “continue to explore a number of complementary acquisition opportunities over the months ahead.”

Iomart hosting provider was founded in 1998, they began working as an internet and telecoms service provider. They graw very rapidly in the last couple of years.