CloudCoCo’s acquisitions of IDE Group Connect and Nimoveri from IDE Group will double the company’s current revenues to £27m.
The MSP acquired the pair of companies for a deferred consideration of £250,000. It follows hot on the heels of CloudCoco's acquisition of Systems Assurance in August.
The acquisitions were made as part of CloudCoCo’s efforts to become a “significant player” in the UK’s fast-growing tech sector.
Revenues from IDE Group Connect and Nimoveri were £13.6m, with recurring managed service contracts contributing 93 percent to that figure. The combined adjusted EBITDA was £800,000 in the unaudited accounts for the year ending 31 December 2020.
IDE Group Connect is a specialist cloud, advanced support, connectivity and co-location datacentre provider. It has around 570 customers, largely comprised of large private sector organisations. Forty of these organisations are IT managed service customers and 530 are datacentre and networking customers, operating across infrastructure located in 33 datacentres across the UK.
Nimoveri was acquired by IDE Group Connect in June of this year. It is an IT managed services business with around 90 customers in the SME space. Nimoveri’s founder and current MD of IDE Group Connect, Adam Eaton, will lead a “short and accelerated” rebrand and integration programme.
Andy Parker, Non-Executive Chairman of IDE Group Holdings, stated:
