Gloucestershire-based APSU has turned to equity finance to supper the next stage of its growth and partnered with the Business Growth Fund (BGF).
The IT managed services company, which provides IBM products, brings together technical consultancy, procurement, cloud hosting and software asset management.
Led by CEO Steve Morris, the business was created when AssurIT and Apex Computers merged in 2011 and is expected to post turnovers of £25 million next year.
Morris comments, ‘APSU has enjoyed significant growth over the last three years, primarily due to our expertise in Power i and the development and deployment of our unique, cloud-based, managed IT services to companies across all industry sectors.
‘The investment by BGF will provide the platform to build upon our exceptional growth as APSU develops and expands our unique feature-rich, cloud-based offerings for the UK, Europe and worldwide markets.’
More on recent BGF deals:
- Moda in Pelle turns to equity funding
- Window washing business backed by BGF
- Maiden listed company investment for Business Growth Fund
As part of the deal, APSU will be bringing two new members onto its board to support the growth push. Mike Tait, former vice president and general manager for Europe-Africa at Unisys Corporation, will become non-executive chairman while Simon Parkins, who has held directorships at Misys, IBM and Oracle, will serve as global sales director.
APSU will now spend its investment capital on hiring technical personnel in the UK and looking into possible future acquisitions.
Ned Dorbin, investment director at BGF, says, ‘APSU is a company led by an experienced management team, at the head of which is Steve Morris, who has a very successful track record of growing businesses in this sector.
‘This is a fantastic opportunity to invest in a highly accredited business that is well placed to grow by capitalising on an increasing trend to outsource IT services.’
Since beginning investing from its £2.5 billion bank-funded pot in 2011, the BGF has closed a number of deals in the IT and technology sector – with APSU becoming its 20th.
