Cloudy intY sees fine Weather ahead

Bristol-based ‘cloud aggregator’ intY (no, I don’t understand the dodgy capitalisation either) has been snapped up by Weather II, the telecoms investment vehicle owned and run by Egyptian billionaire Naguib Sawiris of Orascom. Oakley Corporate Finance advised the vendors and Accelero Capital the buyers. No terms were disclosed, but we estimate that Weather may have paid between £10-15m for intY. Weather is rather an ‘out of left field’ buyer, but our sense is that Sawiris is looking to create some sort of cloud ‘roll-up’ business. Good luck, I say.