A Motherwell IT services business is expanding after securing six-figure funding from existing investor UK Steel Enterprise (UKSE).
Managed IT services specialist VectorCloud - which provides business continuity, information security, IT disaster recovery and cloud systems - has used the investment to acquire the IT service division of another local business, substantially boosting its client base.
VectorCloud was established in 1997 and works with SMEs in a range of sectors, including financial services, manufacturing, retail, healthcare and business services. It also has customers in transport, telecommunications and utilities.
The business, which employs nine staff, works in partnership with its clients to design, build and operate systems that deliver resilience and enable growth.
UKSE, which was set up in 1975 to support business and communities adversely affected by changes in the steel industry, has a 10 per cent equity stake in the business following its support for a management buyout of VectorCloud in 2019.
“After 25 years of operations, VectorCloud has a strong track record of innovation and helping clients to use technology to drive business outcomes," VectorCloud co-owner Kevin Mitchell said.
“More recently, this innovation has been used to build a new strategy of growth following the pandemic, which will see VectorCloud target even more new customers through future acquisitions.
“With UKSE’s support, we have completed our first acquisition and are the strongest we have ever been. We look forward to engaging with our new clients and providing them with the IT services they all need to thrive.”
Terry Quinn, UKSE regional executive, said: “VectorCloud is an ambitious, well managed business in a key sector for the Scottish economy. We’re proud to help it progress and expand.”
Edinburgh oil firm underlines appeal of North Sea
A leading Scottish oil firm, Capricorn Energy, has underlined the appeal of investing in the North Sea, amid the prospect of disruption to supplies following Russia’s assault on Ukraine.
The former Cairn Energy said a range of factors combined to make the North Sea an attractive place to invest as the company said it was in the market for acquisitions that would allow it to increase production.
Chief executive Simon Thomson confirmed the Edinburgh-based company might buy more assets in the North Sea, after acquiring exploration acreage in the area last year.
Lomond Group appoints Ed Phillips from Foxtons as chief executive
Fast-growing UK estate and lettings agency network Lomond Group, which has a major presence in Scotland, has appointed Ed Phillips as group chief executive.
Mr Phillips has been responsible for running the lettings division of London-based Foxtons.
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