UKFast Completes First Acquisition
Article date: Thu, 04 Jul 2013 12:37 GMT
Cloud and colocation firm UKFast has completed its first acquisition, just days after appointing its M&A director.
CEO Lawrence Jones confirmed today that the firm has completed the landmark deal to purchase the UK arm of American hosting firm BurstNET for an undisclosed sum.
The acquisition, which grows the UKFast client base by 30%, was turned around quickly thanks to the firm's recent appointment of mergers and acquisitions director Catherine Houghton.
Jones said: "We've invested heavily in best-of-breed technology and purpose-built properties to house our clients in the most efficient, secure and reliable environment. We're thrilled to be bringing our new clients on board, giving them access to the highest level of network and support to help them achieve their own growth plans."
Shawn Arcus, BurstNET CEO, commented: "We approached Lawrence initially to discuss the migration of ten racks from Telecity because of the value proposition UKFast could offer. We realised quickly that UKFast, with a strong focus on the UK, could offer our UK customers an enhanced level of service."
Following the acquisition, BurstNET's customers have successfully migrated to UKFast's wholly-owned data centres.
Jones continues: "We completed the deal quickly thanks to the expertise of our latest appointment, M&A director Catherine, without whom we could have missed the boat on the sale and lost out to a competitor."
Houghton said: "This is an exciting first step in our M&A programme and we already have a number of other acquisition opportunities in the pipeline which are currently under assessment."
UKFast was advised on the deal by Pinsent Masons, led by corporate partner Howard Gill, and assisted by senior associate Sarah Flinn.
Commenting on the deal, Gill said "It was great to work with the UKFast team once again on such a strategic deal for the Group. The acquisition fits in really well with UKFast's focus on growth, complemented by strategic acquisitions.
"The deal was completed in a very short timescale once the opportunity arose, which is testament in no small part to the focus and commitment of the UKFast management team, led by Lawrence Jones and including IT Director Neil Lathwood and new M&A director Catherine Houghton."
Jones praised UKFast's IT Director, Neil Lathwood, who organised the transition of nearly 1,500 clients to UKFast's infrastructure.
"Neil has led this deal for UKFast. A technical transaction like this one isn't simple. He's managed the audit, the physical set up and the network seamlessly. He's been part of the UKFast family since day one and it's fantastic to see him navigate us through our first significant deal faultlessly. He's one of the most talented people I have ever met and I'm incredibly proud to have him on my team."
Last month UKFast launched its giant-rivalling elastic cloud solution, eCloud, which brings a level of technology to the UK only previously seen with US cloud firms like Amazon. At the start of the year, the firm completed a significant £3m deal to secure the firm's new 50,000sq ft office campus.
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