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IT group CloudCoCo's acquisition and 拢2.1m fundraise hailed as a 'transformative step forwards'

CloudCoCo, which is listed on AIM, is to snap up Systems Assurance

CloudCoCo has agreed to buy Systems Assurance(Image: Pexels)

A Warrington-headquartered IT and communications firm, which works with the likes of Boohoo, Mills & Reeve and King's College London, has announced a new acquisition and raised £2.1m through a share placing.

CloudCoCo, which is listed on AIM, is to snap up Systems Assurance, an IT group comprising a B2B value-added reseller and an automated cloud-based VAR and IT managed service provider.

For the year to December 31, 2020, unaudited results showed Systems Assurance generated revenue of £6,093,000 and an adjusted EBITDA of £209,000.

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CloudCoCo has raised £2.1m before expenses through a conditional placing arranged by Allenby Capital of 210,000,000 new ordinary shares.

The placing will fully fund the acquisition of Systems Assurance and will also provide additional working capital to fund integration of the deal and also provide headroom that could be used to fund further moves.

Mark Halpin, chief executive of CloudCoCo, said: "This placing and acquisition is set to be a transformative step forwards for CloudCoCo.