Accesspoint Technologies — Acquisition by iomart Group plc
UK IT managed-services and hosting provider specialising in the legal sector, acquired by iomart Group plc. The transaction illustrates how recurring client relationships, managed hosting and sector-specific technical expertise can support a valuation close to the typical range for established MSPs.
Acquirer
iomart Group plc
Year
2023
Enterprise Value
£4.5m (initial consideration)
Revenue
£3.8m (YE Aug 2023)
Adjusted EBITDA
£0.8m adjusted EBITDA (YE Aug 2023)
EBITDA Multiple
5.6×
Industry
IT Managed Services / Managed Hosting
Transaction
In December 2023, iomart Group acquired Accesspoint Group Holdings, the parent company of Accesspoint Technologies, a UK IT managed-services and hosting provider specialising in the legal sector. Founded in 2009 and based in North East London, Accesspoint provided managed and hosted IT services including infrastructure hosting, software licensing, security management, business continuity and communications services. For the year ended August 2023, Accesspoint generated £3.8m of revenue and £0.8m of adjusted EBITDA. iomart paid initial consideration of £4.5m on a cash-free, debt-free basis. A further £0.5m was potentially payable based on post-acquisition milestones, alongside a potential earn-out of up to £1.4m linked to future profitability. Based on initial consideration of £4.5m and adjusted EBITDA of £0.8m, the transaction implies an initial valuation multiple of approximately 5.6× EBITDA. This 5.6× figure is based on the initial consideration rather than maximum potential consideration including contingent payments.
Why the Premium?
- Recurring managed-service and hosting contracts
- Specialist position within the UK legal sector
- Diversified managed hosting, security and business-continuity services
- Established client relationships with high switching costs
- Sector-specific technical expertise
SME Takeaway
Accesspoint Technologies' revenue of £3.8m fell within the SME Multiples $1–$50M benchmark. The transaction provides a useful benchmark for a specialist SME IT managed services provider with recurring client relationships and expertise in a specific professional-services vertical. The 5.6× adjusted EBITDA multiple sits close to the typical valuation range for established MSPs, and the deal structure illustrates how strategic buyers may structure additional consideration around integration milestones and future profitability.
Disclaimer: Case study figures are based on publicly available information and are provided for illustrative purposes only. Transaction values, EBITDA figures and implied multiples may reflect different reporting periods, definitions and deal structures, and some multiples are calculated from disclosed figures rather than reported by the parties. They are not formal valuations, investment advice or a substitute for independent professional advice.