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Easyspace, a domain and web hosting company has been acquired by Iomart, an Internet Services company.

According to Glasgow based Iomart, the £12m deal will enhance earnings immediately. £500,000 of savings are offered by the deal. In addition Iomart's customer base swells from 40,000 to 140,000.

Easyspace last year generated £1.8m of operating profits on sales of £5m. Iomart in contrast cut losses to £700,000.

Funding for the deal came from a £6.5m placement to new and existing shareholders. Bank facilities and internal resources made up the difference.

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Keywords

Easyspace

domain hosting

web hosting

Iomart

Internet services

Glasgow

private company

merger and acquisitions

finance