RealTime IT News

iomart Sells Madasafish

LONDON -- Scottish ISP, iomart, has announced that it has sold its Madasafish and Jings ISP businesses for 3 million pounds.

The companies provide metered and umetered dial-up internet access services to consumers, and generated revenues of 2 million pounds last year and gross profits - before overheads were accounted for - of 400,000 pounds. iomart has said that it will continue to operate the service for up to four months.

Angus MacSween, Chief Executive of iomart, commented on the purchase that, "Over the past nine months we have been developing and implementing a strategy to move iomart into business services and away from consumer related activities... The sale of Madasafish will make us more focused and provide additional funding for the implementation of our revised strategy."