CloudCoCo Group plc (AIM:CLCO) acquired IDE Group Connect Limited from IDE Group Holdings plc (AIM:IDE) on October 20, 2021. The purchase for a total deferred consideration of £0.25 million to be paid over five years. In June 2021, IDE acquired Nimoveri Limited which is now a subsidiary of IDE Group Connect. The Acquisitions were acquired from IDE on a normalised net cash basis for a consideration of £0.25 million funded via a loan note from IDE for £0.25 million to be repaid over five years with an annual interest rate of Bank of England base rate +3% with no payments due in the first six months. The net assets acquired under the transaction equate to £250,000, including a cash balance of £0.4 million. In addition, IDE will provide CloudCoCo with a working capital facility of up to £0.5 million to help fund the initial restructure of the IDE Group Connect business. Amounts drawn will be convertible into new ordinary shares of CloudCoCo at 1p per share if not repaid by October 19, 2022. The acquisitions reported revenues of GBP 13.6 million for 2020. Nimoveri founder and managing director Adam Eaton will now lead an accelerated full rebrand and integration programme. Jeremy Porter and Freddie Wooding of Allenby Capital Limited acted as nominated financial advisor for CloudCoCo while Jonny Franklin-Adams and Abby Kelly of finnCap Ltd acted as nominated financial advisor for IDE Group Holdings.

CloudCoCo Group plc (AIM:CLCO) completed the acquisition of IDE Group Connect Limited from IDE Group Holdings plc (AIM:IDE) on October 20, 2021.