iomart acquires web hsoting business NSL
iomart Group plc ("iomart"), the Glasgow based telecommunications and Internet services company, is pleased to announce that it has acquired the whole of the issued share capital of NSL (Internet) Ltd ("NSL") for a nominal consideration.
NSL, based in Edinburgh, provides web hosting, co-location and domain name registrations. The company has been trading since 1995 and during this time has worked with a wide number of business and public sector customers. Currently NSL employs 27 staff.
iomart intends to merge its existing web hosting activities with those in NSL, combining NSL’s proven skills and expertise with the resources available from the larger iomart organisation. NSL’s Edinburgh location fits strategically as iomart is already establishing a new point of presence in Edinburgh for the rollout of its ADSL service.
Based on the audited accounts of NSL for the 12 months ended 31 March 2000, revenues were £298,000 and the loss before tax was £323,000. Net liabilities at that date amounted to £138,000. During its current financial year, NSL has experienced substantial growth in revenues but has also invested significantly in its infrastructure, with particular emphasis on appropriately qualified staff, which has resulted in increased losses.
Angus MacSween, Chief Executive of iomart Group plc, commented:-
"NSL should significantly enhance iomart’s capabilities in web hosting and co-location. They have an excellent team of people with strong technical skills. iomart is rapidly establishing itself as one of the key players in the delivery of broadband Internet access using ADSL technology and NSL’s services fit naturally as an added value service to iomart’s growing business-oriented customer base ."Subscribe to RSS Feed