UK-based cloud service provider Timico has secured investment funding of £50m from Lyceum Capital to support its growth.
With the investment, Timico plans to accelerate its growth by investing in systems, people and capability in IT service space.
Timico said that the investment will also fuel in selective acquisitions designed to strengthen its expertise in certain key areas, while bringing in additional service capability.
The investment has made Lyceum Capital as the majority shareholder in Timico. As part of the investment, Lyceum Capital’s partners, Simon Hitchcock and Geoff Neville will join Timico as non-executive directors, while Timico’s founder Tim Radford will remain as a non-executive director.
Timico has been pursuing a re-structure programme, with a focus of developing a single brand and service model that can strengthen the company’s strategy on its core areas and its mid-market client base.
Recently, the company undertook a new proposition as an end-to-end Managed Cloud Service Provider, where it plans to offer managed IT and cloud space services, which it claims to complement its network connectivity, unified communication and mobile capability.
Timico CEO Ben Marnham said: “Working with Lyceum Capital is a logical next step in Timico’s evolution, building on the foundations laid by Tim Radford and the team over the last few years. Lyceum have proven expertise in our sector and we share a very similar vision of Timico’s future within it.
“I am delighted we can now realise our plan to enrich our proposition and service portfolio so we can better serve our clients’ needs and fulfil our ambition to become a market-leading, end-to-end provider of IT and cloud solutions.”
Lyceum Capital partner Simon Hitchcock said: “Timico is led by a highly capable and impressive team, with a very well-defined strategy to take the business to the next stage in its development as a Managed Cloud Service Provider.
“It is clear that its clients, many of whom are long-standing, are firmly at the centre of its plans and can look forward to a very rewarding relationship with the business moving forward. We are delighted to be supporting Ben and the team through this next, exciting stage of acquisitive growth.”