ILV Silver advises Gigas on IGNITAR acquisition for €2.2m

ILV Silver has advised Spain´s Gigas Hosting on the acquisition of a majority ownership in Irish cloud service provider IGNITAR for €2.2 million

Gigas Hosting has announced the completion of the acquisition of 75 per cent of the share capital of Irish company Gemini Technology, which operates under the brand IGNITAR.

IGNITAR provides cloud hosting services to some 136 corporate customers, focused mostly on the SAP business One ERP (Enterprise Resource Planning) software. IGNITAR´s customers are similar to the profile of Giga´s Cloud Datacenter, with a similar ARPU (Average Revenue Per User).

The acquisitions brings new Gigas corporate customers that match its target customer profile and opens up new geographic markets in Europe, in countries where the market for ERP hosting in general, and SAP business One in particular, is much greater than in Spain.

The transaction price includes payment of a fixed amount of €2.2 million, consisting on €1.7 cash and €0.5 million in new issued Giga´s shares in exchange of 75 per cent of the shares of IGNITAR, with a call option on the remaining 25 per cent.

ILV Silver advised Gigas on Financial Due Diligence and assisted with Transaction Closing, with Barcelona office Transaction & Valuation Services partner Jeff Singer (pictured).