Tue, 22 Oct 2019 | BUSINESS SALE
Warrington-based IT services provider Adept4 has completed the acquisition of cloud technology company CloudCoCo Ltd.
The deal had been agreed earlier this month and went through following shareholder approval at a general meeting held Monday (October 21).
Following the deal, CloudCoCo chair Andy Mills has been appointed Chief Executive Officer of Adept4. Adept4 has, additionally, exercised a call option on the loan notes it issued as consideration for the acquisition, issuing 218.2 million acquisition shares to sellers in exchange. Adept4 has also completed its debt refinancing.
Upon full completion of the acquisition, CloudCoCo Ltd. will rebrand as CloudCoCo Group Plc. The rebranding will be followed by a change of web address and trading ticker.
Commenting on the acquisition, Adept4 Chair Simon Duckworth said, “I am delighted that we have now completed the acquisition of CloudCoCo and, at the same time, revised the terms and reduced the level of the group's indebtedness.
"I would also like to welcome Andy Mills to the board. We are very much looking forward to working with Andy and his team as we set about integrating the two businesses. This is an opportunity for us to put Adept4 on a much sounder footing and we approach the future with renewed enthusiasm and vigour."
New Adept4 CEO Andy Mills commented, “I know I speak on behalf of CloudCoCo's founder Mark Halpin and the rest of my colleagues when I say that we are all delighted to be joining the Adept4 team.
"We see a great opportunity ahead to generate value for all stakeholders in the enlarged business through harnessing our sales and marketing skillset with Adept4's technical knowledge and product suite. The hard work starts immediately and we look forward to reporting our progress over the coming months.”
Adept4 shares closed up 17 per cent at 3.22 pence in London on Monday.
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