London-based Connect Communications is planning to invest in its technology and service portfolio after securing equity backing.
The London-based business, which provides unified communications and call-centre software technology services, is undergoing a management buy-out (MBO) supported by LDC.
Leading the MBO is Martin Cross and David Rose, from the existing management team, alongside new chief executive Alex Tupman who is joining the business as part of the deal.
Recent financial figures from Connect Communications reveal an annual turnover of £10 million from its team of 55 across bases in London, Paris and Frankfurt.
Tupman comments, ‘The deal with LDC brings additional strategic and financial support to the business and going forward, we will be actively looking to invest further in the business’ asset light, but technology-rich, unique service capability, whilst also expanding the company’s global reach, channels and penetration of the enterprise space, as well as its existing service portfolio.’
Mid-market investor LDC has now injected £65 million worth of new funding during 2014, alongside a further £30 million to support portfolio company acquisitions. It is also the second it has closed in the last week after it bought Prism Medical UK.
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As part of the deal, LDC‘s Yann Souillard (managing director for the Reading team) and Alex Clark (investment director for the Reading team) will be joining the Connect Communications board.
Clark believes that Connect Communications is operating in a ‘buoyant’ market driven by SMEs and large corporates.
‘The business provides a high-end service to its customer base across the UK and EMEA region, and is supported by a well-invested infrastructure,’ he adds.
‘We will be working closely with the management team, led by Alex Tupman, to execute the next phase of the business’ growth.’
