iomart: Revenue Growth & Acquisition

5th December 2023

iomart has seen continued revenue growth in half year financial results released to the market today. Recurring revenues remain high at 94%, with the Concepta nd Extrinsica acquisitions contributing around £6m of additional revenue in the period.

The board have also announced this morning the acquisition of Accesspoint Technologies post period end, providing deep legal industry expertise. The transaction was for £4.5m paid in cash on completion on a debt and cash free basis, with a potential further £0.5m in cash payable on the achievement of certain post-acquisition milestones. There is a further £1.4m contingent earn-out payment based on the profitability of Accesspoint for the 12 months ending 31 August 2024.

Commenting on the acquisition, iomart CEO Lucy Dimes said:

“The flow of sensitive data and drive to adopt technology to provide enhanced customer service within the legal sector means that data management, security and data sovereignty are all pressing considerations for legal firms and ones in which iomart and Accesspoint excel.

We are delighted to welcome Accesspoint’s growing list of customers into the iomart Group and excited to be working with the full team to further advance iomart’s differentiation in this sector and positively contribute to the Group’s overall organic growth plans.”