Leeds-based tech firm CloudCoCo has been acquired by Adept4 for a sum of £6.1m.
CloudCoCo only began trading in April of last year and was featured in the Digital Enterprise Top 100 campaign to profile and celebrate the Leeds City Region’s most innovative businesses.
AIM-listed Adept4, based in Warrington, will now seek shareholder approval for the deal, which would see the newly enlarged business be rebranded the CloudCoCo Group and see CloudCoCo chairman Andy Mill installed as chief executive.
Simon Duckworth, non-executive chairman of Adept4, said: “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.”
Based on Aire Street in Leeds city centre, CloudCoCo was founded by a group of former sales directors of Harrogate IT company Redcentric.
It specialises in cloud, IT hardware and IT services.