Proposed Acquisition of CloudCoCo Limited by Adept4 Plc
The IT service provider Adept4 Plc has just announced that it proposes to acquire CloudCoCo. Subject to the approval of shareholders, the acquisition will see the Leeds based business enter a new period of growth, uniting two highly experienced IT teams to create a new force to be reckoned with in the technology sector.
Non-Executive Chairman of Adept4, Simon Duckworth, commented: “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.”
This is an exciting new chapter for the Northern focused IT provider, as well as for the staff at CloudCoCo. Both have experienced fast growth in the past few years, as more companies choose to outsource their IT maintenance and rely on highly experienced companies such as Adept4.
In the coming together of these two dynamic businesses, Adept4 and CloudCoCo will become one of the largest IT providers in Leeds and the North East. The senior team at Adept4 has expressed confidence that the two companies will complement each other in their work, with both businesses employing some of the most highly skilled and well-qualified IT professionals in the region.
By pooling their knowledge and expertise, Adept4 and CloudCoCo are expected to expand their customer base and continue to grow over the coming months and years. The acquisition is yet to be approved by shareholders, but both sides are confident the merger will go ahead.