Internet Technology Group Plc, which claims to be the UK’s largest independent ISP, has raised 1.7m pounds in new capital to increase its presence in Europe. Venture capitalist GE Equity Capital Group Europe, the financial services arm of US group General Electric, has subscribed to two million new ITG shares at a price of 85 pence each. ITG hopes to expand in the European business connectivity market through its GX Networks subsidiary. The company is looking at markets such as France, Germany, Belgium and Holland, where rates of PC ownership are high, and hopes to expand by a mixture of buying existing ISPs and rolling out its own network.
