Member Article

Wetherby’s RandomStorm acquired in £8.9 million deal with Accumuli

Wetherby IT security firm RandomStorm Ltd has been acquired by listed firm Accumuli plc for a net cash consideration of £8.9 million.

RandomStorm is a Yorkshire-based integrated information security specialist founded in 2007 by Andrew Mason and Robin Hill.

It uses its own IP and services to turn security data into security intelligence in addition to helping to automate compliance processes.

Existing owner managers have agreed to provide consultancy services to the Group for 12 months from completion to ensure managed transition.

RandomStorm’s unaudited results for the year ended 30 April 2014 showed revenues of £3.5 million, EBITDA of £1 million.

Gavin Lyons, chief executive of Accumuli, said: “RandomStorm is a business which has excelled in providing market leading integrated information security solutions and services to help its customers manage IT risk and implement security best practice.

“Their expertise and experience in IP creation and security services will add tremendous value to our business and our customer intimacy strategy.

“The close proximity of the RandomStorm business to our existing Leeds office provides a significant opportunity to create a substantial base in the Leeds area which will be capable of accommodating all current staff of both businesses and attracting and retaining future talent.”

This was posted in Bdaily's Members' News section by Clare Burnett .