AIM-listed iomart inhales third cloud biz in 4 months

Bye bye Bytemark

I hope this turns out to be a good thing for the Bytemart staff as Iomart have a very aggressive high pressure internal culture that I cant see fitting with the way things are done in York. Having worked with both organisations at a vendor in a previous life I cant help but feel there will be a few people jumping ship when the takeover happens.

Best hosting company I've ever used

Real shame to see that they won't be around -- one of the best UK hosting companies with some pretty nifty infrastructure (love the DNS updating via rsync, company-built datacentre, bigv.io) & great staff (phone-answerers are technical and helpful, go above and beyond for customers). I've been putting business their way for years and using them for over a decade. There have been no announcements to customers yet.

I wonder if the directors are getting out while they can, given the all-encompassing nightmare that will be Brexit.

So long and thanks for all the hosting.

What Bytemark's customers were worth

From https://www.iomart.com/wp-content/uploads/2019/07/iomart-annual-accounts_final_2019.pdf we see "On 24 August 2018, the Company [ iomart ] acquired the entire share capital of Bytemark on a no debt, no cash, normalised working capital basis. The sale and purchase agreement included an earn-out period to 31 March 2019. During November 2018, whilst not part of the original plan, the previous director shareholders of Bytemark indicated that they wished to consider leaving the business early and a negotiated settlement on the earn-out payment of £0.2m was agreed and paid. This, along with the initial consideration of £4.7m paid at completion, results in a total final consideration of £4.9m. The initial payment was funded from a drawdown from the Company’s revolving credit facility."