Pinnacle buys outsourcing firm MacLellan

cloud computing business after buying IT outsourcing firm MacLellan IT in a deal worth £1.1 million, writes Scottish Leadership.

AIM-listed Pinnacle, which also provides temporary telecom and data networks for major events, will issue 186 million new shares at 57 pence to fund the purchase.

However, under the terms of the agreement, the owners of MacLellan, Ian MacLellan and Katherine Melton-Scott, are not permitted to dispose of any shares for 20 months after completion of the deal, says, Herald Scotland.

MacLellan provides IT services, including strategy development, hardware and software installation, helpdesk support and system integration, to the SME and mid-market, most of which is in Scotland.

The acquisition is the second for Pinnacle in the past month following the buy of Internet protocol business IP CCTV, reports M&A.

Cloud technology business Pinnacle recently provided the supply network connection for the Royal Wedding between Prince William and Kate Middleton as part of the international news networks coverage.