A group of Yorkshire IT companies has been bought in a £10.5m deal by Glasgow-based iomart Group plc.
Leeds-based data management specialist ORIIUM and Sheffield-based Pavilion IT are part of the Concepta Capital group, which iomart will pay an initial cash consideration for, followed by a potential £4m contingent on performance in the year to the end of June 2023. The deal, which is subject to Government clearance, is said to complement iomart's capabilities in line with its hybrid cloud strategy.
Concepta Group founder and majority stakeholder Chris Kiaie will continue to lead the ORIIUM and Pavilion IT businesses as their CEO, with legal, financial and governance support from the wider group. Bank debt of £1.5m owed by Concepta will be settled by iomart as part of the completion process.
