Kelso Place-backed MDNX acquires Octium

The bolt-on was funded via a new debt facility.

Holding company Octium includes Griffin and Iconnyx, which provide managed hosting, cloud and IT services to SMEs. Based in Derby, UK, the businesses employ around 100 staff. Griffin generates an operating profit of £776,000 from a £22.8m turnover, while Iconnyx reports a £361,000 operating loss from its £3.8m turnover.

MDNX was founded in October 2010 through the merger of Solution1, VTL and CIG. Based in Bracknell, outside London, the group employs around 150 staff and generated an £11.7m EBITDA from a £58.7m turnover in the fiscal year ending in March 2012.

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