York-based hosting firm Bytemark acquired by Glasgow's iomart
Details have been confirmed of the sale of York-based hosting company Bytemark to iomart Group Plc, a UK cloud computing firm.
Bytemark, founded in 2002 by Matthew Bloch and Peter Taphouse, offers IT hosting and dedicated server and cloud storage services. Alongside its York headquarters, the company also has a 5,500 sq ft data centre in the city.
The company was advised on the successful deal by members of the corporate finance team from York and Leeds-based accountancy firm, Garbutt + Elliott, and the Leeds office of national law firm, Mills & Reeve.
Garbutt + Elliott partner, Tariq Javaid, who specialises in mergers and acquisitions within owner managed companies and SMEs, advised on the deal.
The buyer, iomart, offers managed hosting and managed cloud services internationally, working with clients including Virgin Media, Pernod Richard EMEA, and Stagecoach.
Headquartered in Glasgow, the company recorded a £97.7m turnover in the year to March 31, 2018.
Bytemark’s managing director, Matthew Bloch, said: “Garbutt + Elliott shouldered a huge burden. They ran a sharp, competitive process and let us get on with running Bytemark until the deal was done.
“Their meticulous approach ensured that both parties were pleased and that the process was as smooth as possible.”
Over the last financial year, the practice has acted as lead financial advisor on 44 completed projects with deals worth £100m and has a further 30 currently in progress, across business sectors including manufacturing and engineering, printing, brewing, food and transport.
Tariq Javaid, partner at Garbutt + Elliott added: “The two parties represent two extremely complementary businesses which fit together very well. Both the buyers and the sellers have gained positively from the deal.
“iomart has certainly added a very successful and innovative company to its already extensive cloud hosting portfolio.
“Working on facilitating the sale and witnessing firsthand the positive outcomes that we helped achieve for all involved was a great pleasure. We wish the best for both businesses and their employees in the future.”
Garbutt + Elliott has 12 partners and advises businesses throughout Yorkshire across a range of sectors including manufacturing, food, digital tech and creative, construction, leisure and charities.