CloudCoCo, a provider of IT and communications services to businesses and public sector organisations, has announced the proposed acquisition of the entire issued share capital of Systems Assurance Limited and a proposed fundraising of £2.1 million before expenses through a conditional placing.
The proposed acquisition will increase CloudCoCo’s customer base and provide the opportunity for cross-selling and upselling of its services. the group said in a statement.
Mark Halpin, Chief Executive of CloudCoCo, said: “This placing and acquisition is set to be a transformative step forwards for CloudCoCo. It sees us progress to the next stage in our development – ‘Get Bigger’ – which will see us focus on scaling the business while winning larger and longer contracts.
"I would like to welcome the Systems Assurance team to the fold. They bring with them fantastic technology and an impressive customer base that not only complement the existing CloudCoCo business but will help unlock its potential through driving substantial efficiency gains and introducing new cross-selling opportunities.
Harrogate anger over plans to build multi-use conference centre in Leeds
Yorkshire Water issues warning on deep mud dangers as reservoir levels drop due to dry spell
Discount store offering 4,000 products for £1 and under to open in Leeds city centre
Every new shop and restaurant at White Rose Shopping Centre plus two more arrivals on the way
Leeds restaurant owner "frustrated" by up to ten no shows a night causing huge issues
“I am grateful to all those who have joined us on our journey through the placing. As well as making the acquisition possible, it has given us the opportunity to strengthen our balance sheet while giving us headroom to explore further M&A activity – a key focus for the group in the short-term.
“This is the start of an exciting new chapter in the CloudCoCo story and I look forward to reporting on further progress in due course.”