EDINBURGH-based Hutchinson Networks is poised to recruit 50 technology staff over the next two years after raising £2.2 million of growth capital, citing “exceptional growth opportunities” created by the widespread move to cloud-based services.
The funding, raised to accelerate international growth, has been secured from funds advised by private equity house YFM Equity Partners.
Hutchinson Networks, a provider of multi-
vendor information technology and network
solutions, employs 89 staff across the UK.
YFM noted the IT company, which has clients in more than 80 countries, also had a network of professionals across the globe.
Hutchinson, founded in 2011 by chief executive Paul Hutchinson and chief operating officer Stephen Heslop, is projecting turnover of £11.5m this year.
It projects turnover will rise to £16.5m in 2019.
YFM noted that Hutchinson had “experienced significant revenue and profit growth in recent years”.
It added Hutchinson’s client base included
“a major UK airport, an international consumer brand, several Fortune 100 companies and a global retail technology brand”.
Nigel Owens, investment director at YFM responsible for the Scottish market, said: “Hutchinson Networks has an outstanding reputation with its clients and its technology partners."
He added: “The company has grown strongly due to the drive and energy of the management team.
"The plans for the business to scale both sales and employment, whilst expanding their geographic footprint in a growing market, fit perfectly into the portfolio of businesses in which we are investing.”
Mr Heslop said: “The general move to cloud-based services across all industries continues to drive exceptional growth opportunities for us.
"We are very pleased to have YFM as investors.”
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