Accumuli continues shopping spree with RandomStorm deal

The deal will see Accumuli take on Wetherby firm for £8.9m in net cash

Managed security services provider Accumuli has today announced another acquisition, sealing a deal for RandomStorm Limited worth £8.9m in net cash.

Founded in 2007, RandomStorm is headquartered in Wetherby and specialises in integrated information security.

The deal, which is being funded through existing cash and new bank debt, follows on from Accumuli's acquisition of VAR ArmstrongAdams earlier this year. Last year the security services firm also secured deals for Signify and Equalis, making acquisitions a theme of its business since it was founded in 2010.

According to analyst TechMarketView, this latest acquisition gives Accumuli a footing in the "prepare" part of the four phase IT security readiness framework.

"This is a big investment for Accumuli, but the integrated nature of the RandomStorm capability will mean it can move forward faster than by buying up several providers with point capabilities," TechMarketView said.

Gavin Lyons, chief executive at 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," he added.

The move will see RandomStorm's 50 employees move into the Accumuli business and its owner managers continue to remain with the group for 12 months after the deal to help with the transition, according to a press statement.

Earlier this year, Accumuli posted a positive set of financial results, seeing its revenue for the 12 months to 31 March rise 18 per cent to £16.6m.

For the year to April 30, RandomStorm achieved revenue of £3.5m and EBITDA of £1m, and in the five months to September 30, its revenue was £1.8m, according to TechMarketView.