Trademark Violation or Not? You Decide

The question – are these two logos a bit too similar? 
Phorm Design, a Sheffield, England-based design agency with three employees, created their logo first (three years ago). 

Phorm (the big online advertising company that’s traded on the London Stock Exchange) changed its name about a year ago and this logo came about as part of the name change. 

So what do you think?  Are these logos a little too close for comfort?  The companies are in slightly different businesses.  Do you think this would be a trademark violation or not?
Images: Phormdesign.co.uk and Phorm.com