9 July 2018
NorthEdge Capital has announced the close of NorthEdge Capital SME Fund I, LP (“SME Fund I”, “the Fund”) at its £120 million hard cap. The Fund was raised from existing investors and enables the firm to broaden its ability to take advantage of attractive investment opportunities in the U.K. regional lower mid-market.Find out more
Cloud Technology Solutions (CTS) is a cloud transformation and infrastructure specialist.
Founded 10 years ago and headquartered in Manchester city centre, CTS provides cloud transformation services and software products to a broad range of businesses. The Google Premier Partner has migrated over seven million users to the ‘cloud’.
CTS has undertaken transformation projects for Ladbrokes-Coral Group plc, HomeServe plc, Roadchef and has worked with Manchester City Council to migrate over 7,000 local authority workers to Google G Suite.
CTS has also developed a strong offering in Google Cloud Platform and IaaS. Additionally, the software products created by CTS, CloudMigrator™ and Cloud Pages™, are now used by over 10 million users worldwide in over 74 different countries.
CTS has experienced a period of strong growth, with revenue having tripled over the three years prior to NorthEdge’s investment. The company has also had a promising start to the year with several new business wins and an expansion of its city centre offices at Lowry House. CTS now employs over 100 staff across its offices in Manchester, Belfast and Edinburgh.
NorthEdge’s investment will provide support for the business to continue the development of its own software products as well as providing development capital to accelerate growth through complementary acquisitions in machine learning, artificial intelligence and data analytics.
The deal was led by NorthEdge’s Jon Pickering, Partner and Head of North West, and Dan Matkin, Investment Manager. Jon joins the board at CTS as a Non-Executive Director, alongside recently appointed Ian Kelly as Chairman.
James Doggart, CEO at Cloud Technology Services, said: “I’m really excited about the investment from NorthEdge. The timing is perfect given the growth of the market and it will allow us to take advantage of the global market demand for cloud.
“Our technology is currently used in 74 different countries and our plans have us doubling our workforce over the next three years. This funding means we can push on even further globally, whilst continuing to accelerate the development of our products to offer industry defining value to our customers and partners.”
Jon Pickering, Partner at NorthEdge Capital, said: “Evolutions in the IT and technology sector are currently driving major growth of 40%+ per annum in the public cloud market as companies move away from traditional on premise to cloud hosted infrastructure.
“CTS is well placed given their proprietary technology to be at the forefront of this rapid expansion, and its team of software experts, led by James Doggart, has proven its ability to modernise major institutions and transform businesses so that they can seamlessly transition to the public cloud. We have been impressed by the team’s historic track record and we are excited by the growth prospects and international expansion potential for the business.”