Orbis On Cloud Nine With The Sale Of Intercept IT Limited

Intercept IT Limited has been acquired by Alternative Networks PLC for £13m at an EBITDA multiple of 16x.

Intercept is a leading UK cloud service provider with a focus on the Financial Services and Insurance sectors. Founded in 2002 the Company designs, builds and manages cloud computing environments for both the corporate and SME markets. Over the last twelve years, Intercept has developed its own proprietary cloud computing platform, one of the longest standing in the UK.

Alternative is one of the UK’s leading independent telecommunications service providers with a market capitalisation of £230 million. AIM-listed since 2005, Alternative has a turnover in excess of £115 million and employs more than 500 across the UK.

The client bases of each Intercept and Alternative are highly complementary. The acquisition will allow Alternative to offer a complete cloud-based solution to its SME client base on a well-established platform and is also expected to enable the full outsourcing of a clients’ IT function. The acquisition will also broaden Alternative’s managed service offering to Enterprise clients to include Intercepts’ virtualised IT infrastructure.