The UK telecoms and Internet services company, Iomart Group has acquired the issued share capital of NSL (Internet) for a nominal consideration.
NSL, based in Edinburgh, provides web hosting, co-location and domain name registrations. The company currently employs 27 staff.
Iomart intends to merge its web hosting activities with those in NSL. NSL’s Edinburgh location fits strategically as Galsgow-based Iomart is already establishing a new point of presence in Edinburgh for the rollout of its ADSL service.
Angus MacSween, chief executive of Iomart said: “NSL should significantly enhance iomart’s capabilities in web hosting and co-location. They have an excellent team of people with strong technical skills. Iomart is establishing itself in the delivery of broadband internet access using ADSL technology, and NSL services fit naturally as an added value service.”
Based on the audited accounts of NSL for the 12 months ended 31 March 2000, revenues were $440,700 and the loss before tax was $477,700. Net liabilities at that date amounted to $204.100. During its current financial year, NSL has experienced substantial growth in revenues but has also invested significantly in its infrastructure, with particular emphasis on appropriately qualified staff, which has resulted in increased losses.