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After announcing a 9% increase in turnover to £97.7m, iomart Group Plc, the Scottish cloud computing and managed hosting services provider, has announced a substantial increase in its funding facility from Bank of Scotland.
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The bank has provided the company with a total revolving credit facility of £80milllion. The funding will be used to further support strategic growth through acquisition.
iomart has a long-standing relationship with Bank of Scotland. As a result of this facility, iomart has added over 20 businesses to its hosting operations, including three in this financial year. These were Dediserve, Simple Servers and Sonassi.
iomart reported annual revenue of nearly £100million for the year ended 31 March 2018. The company delivers managed cloud services from data centres that it owns and operates in eight locations throughout the UK and provides international access to its hosting services via multiple Points of Presence in the US, Europe, UAE and APAC.
Andy Seaton, Relationship Director at Bank of Scotland, comments: “iomart has been very successful on the acquisition trail during its relationship with us, finding businesses with a perfect synergy to its own and growing both at home and abroad.
“We have worked closely with the management team over this time to build a comprehensive understanding of the business’ ongoing growth strategy and capital expenditure programme. As a result, we are pleased to continue our support by increasing its borrowing by £20million to enable the management team to fully maximise opportunities as they materialise in the market.”