PEER1 gets NetBenefit

Web-hosting specialist PEER 1 Hosting, has signed an agreement to acquire all of the outstanding shares in the capital of Net Benefit (UK) Limited, for £25m in cash, writes Linda Endersby.

contract deal siri stafford.jpgWeb-hosting specialist PEER1 Hosting, has signed an agreement to acquire all of the outstanding shares in the capital of NetBenefit (UK) Limited, for £25m in cash, writes Linda Endersby

NetBenefit, a division of London-based Group NBT Limited, reported revenues of £7m in 2011 and has operations in UK and France serving approximately 700 customers.

The acquisition strengthens PEER 1 Hosting's position in the SME managed hosting market in the UK and creates opportunities for growth in Europe.

"This deal strengthens our position as a full solution provider in the UK, which sees us now become a compliant PCI Data Security Standard Level 1 provider, with a datacentre in London for customers demanding low-latency hosting," commented Dominic Monkhouse, managing director EMEA of PEER1.

With NetBenefit's datacentres joining PEER 1 Hosting's FastFiber Network there will be opportunities for additional peering and transit service revenues, the firm said, and as part of the agreement, Group NBT also becomes a customer of PEER1 Hosting.

"PEER 1 Hosting has a great reputation for customer service and as an outstanding employer," said Gary McIlraith chief executive of Group NBT. "The breadth and scale of their cloud offering will bring increased choice for our loyal customer base. We are 100% confident that this is good news for us, our customers and staff."

In the last 12 months, PEER 1 Hosting grew annualised run-rate revenues by 100% in EMEA and was recently recognised as one of the 'Top 25 Best Workplaces, small business category' by the Great Place to Work Institute.

Image courtesy: Siri Stafford 

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