eCommerce hosting firm Sonassi acquired
Sonassi, the eCommerce hosting specialist, has been acquired in a multimillion-pound deal by AIM-listed cloud computing company iomart.
Sonassi was founded by entrepreneur Benjamin Lessani in 2008. The Salford Quays-based company specialises in eCommerce websites, particularly Magento and Oro Commerce sites.
The firm's customers include international brands, UK high street retailers and a range of fashion websites.
"We believe eCommerce is an area of the market which provides a good opportunity for future growth and we plan to use the acquisition of both of these operations to firmly establish iomart as a provider of choice in this significant market sector," said iomart CEO Angus MacSween.
Lessani said: "As part of iomart we will have access to the best infrastructure, connectivity, and skillset there is. It's a very exciting move for us and we're looking forward to working with Angus and his team to create a market-leading eCommerce hosting division."
The deal involves an initial payment of £10m in cash, with a further £1m subject to the completion of a software development project and a final sum of up to £5.5m dependent on Sonassi’s profitability in the financial year to July 2018.
The transaction was announced alongside iomart's half-year financial results for the six months to 30 September 2017.
The company reported revenue growth of 12 per cent to £47m and a 9 per cent increase in adjusted pre-tax profit £11.6m.