The newly established entity of UKSolutions and NetworkFlow is led by ex-SpiriTel chief executive Alastair Mills and backed by Pentra Capital which has provided the fundraising exercise to raise £60 million.
Mills comments: ‘The market trends identified by both analysts and end-user clients are the same: managed data services will continue to grow rapidly, driven by the demand for cloud connectivity and virtualisation.’
As a combined business the venture will have 60 staff across four offices and 900 customers, according to a statement.
Mills has kept the same team from SpirTel, including chief financial officer Ronnie Smith and commercial director Jonny Shanmuganathan.
Round-up of today’s M&A deal
- Advertising agency WPP has acquired Mindset Advertising Private, a digital advert business
- Allen Systems Group has bought out German-based visionapp AG, a business which provides software-as-a-servicee and cloud