As a condition of the deal, Caledonia executive director Jamie Cayzer-Colvin and investment executive Mathew Masters will join Celona’s board.

This is the second round of funding for Celona, which three years ago raised finance from venture capital company Quester (acquired in May by NewMedia SPARK).

Celona’s chief executive Tony Sceales says that the investment will allow the company to improve its market position.

Cayzer-Colvin comments: ‘Celona is an exciting company with great potential. The combination of its data migration capability and its team’s experience within the telecoms industry puts it in an excellent position to provide an industry leading data migration solution.’

Based in London and with offices in mainland Europe and the Asia-Pacific, Celona was founded in 1997 and is privately held.

Caledonia is listed on the London Stock Exchange and its net assets are £1.2 billion. The company invests in companies across various sectors, usually taking board representation.