ControlCircle, a global leader in the design, implementation and 24/7 outsourced management of complex IT infrastructures, has received £6 million in growth capital from European venture capital firm Scottish Equity Partners (SEP).
The investment will fund aggressive organic growth and operations in new territories through office openings and partnerships. Target areas include Amsterdam, Frankfurt, Silicon Valley and Singapore as well as further expansion in Asia and South America. It already has operations in Europe and the United States.
The global managed IT services market is currently valued at $9 billion and is forecast to grow at 20% per annum [Oppenheimer & Co Inc]. SEP’s investment portfolio includes several companies which are global leaders in next-generation data management systems.
Many businesses slimmed down in the recession and prudent firms will continue to explore how they can retain a streamlined and cost efficient approach. As a result, outsourcing to a single service provider that delivers the entire platform with 100% availability, is one of the few promising growth areas to emerge from recession.
SEP Partner Stuart Paterson said: “Mission critical 24 hour IT operations are now essential to large, mid-sized and web-enabled enterprise as well as global corporations. Consolidating IT systems into a single resilient data centre solution can achieve major efficiencies. Control Circle is a clear leader in mission critical managed services with a holistic solution incorporating ‘On Demand’ flexibility. Their outstanding customer base and global presence is testament to their leadership and we are excited about their prospects.”
Damian continues: “SEP is the leading technology investor in Europe and renowned for spotting future industry leaders, sending an important message to the market about ControlCircle’s future. We were impressed by SEP’s insight into the industry, its track record and its network.”
ControlCircle was founded nine years ago and has achieved consistent growth of 65% per year with an annual turnover of £10 million. The firm has been listed as a Sunday Times Fast Track 100 company and was awarded the Best Companies Two Star accreditation.
SEP represents ControlCircle’s first venture capital investor in the business which up until now has been funded by myself and Simon Hancock. SEP has backed some of the UK’s most successful technology businesses including bluetooth specialist Cambridge Silicon Radio (LSE:CSR) whose technology has been adopted by market leaders in a wide range of consumer mobile devices.
ControlCircle is based in the UK, with operations in Europe, Asia and USA, Control Circle Ltd is a global leader in the design, implementation and 24/7 outsourced management of complex IT infrastructures, where availability and ultra reliable support is vital. These services can be tailored to suit customer requirements and range from bespoked outsourced arrangements to on-demand connectivity, cloud, storage and infrastructure monitoring and management. ControlCircle has been trading since 2001 and has been profitable in each year of trading. ControlCircle’s customers include many of the world’s largest online businesses and blue chip companies in the banking, legal, accounting and commercial sectors.