Adept4 acquires CloudCoCo
Adept4 acquires Leeds-based tech firm CloudCoCo for £6.1million.
21:00 22 October 2019
Leeds-based tech firm CloudCoCo has been acquired by AIM-listed Adept4 for a sum of £6.1million. CloudCoCo, which has been featured in the Digital Enterprise Top 100 as one of Leeds City Region’s most innovative businesses, only began trading in April of last year. It specialises in cloud, IT hardware and IT services.
The deal will see the rebranding of the business and CloudCoCo chairman Andy Mill installed as chief executive.
Simon Duckworth, non-executive chairman of Adept4, said: “We are delighted that, conditional on shareholder approval, we have agreed to acquire CloudCoCo.
“We are proposing to acquire a business which has expanded rapidly since establishment and, by harnessing CloudCoCo’s proven and experienced salesforce with our existing operations, we believe that there is a clearly defined opportunity to return Adept4 to growth.
“We have also reached agreement, subject to completion of the acquisition, to revise the terms and reduce the level of the group’s indebtedness.
“We view these proposals as positive developments as we seek to recover value for our shareholders.”