Harrogate cloud firm iPortalis secures multi-million pound investment
Harrogate-based cloud services provider iPortalis has secured a multi-million pound investment from private equity firm NorthEdge Capital.
The company was formed in 2016 following a merger and helps companies manage their technology functions more efficiently. Its main product is the iPortalis Control Panel, which helps IT teams to purchase and manage more than 30 applications from companies including Cisco, Microsoft and Symantec.
As part of the deal, iPortalise has sold a large minority stake to NorthEdge, which focuses on deals in the Midlands and North of England. The funding will be used to drive further expansion of iPortalis's international client base, build new technology products and triple its workforce around the world.
John Hawkins will join as non-executive chairman.
This is the first deal signed by NorthEdge's recently closed £120m fund targeting small and medium-sized companies. The fund targets businesses across all industry sectors, investing between £2m and £10m in growth and development capital, management buy-outs, equity release and buy-and-build opportunities.
In total, the firm manages £650m and has invested in companies including Total Fitness, the gyms chain, and Ramsdens.
Neil May, iPortalis's chief executive, said: "The pressure is on global organisations to move their cloud strategies to the next level by creating greater value from their investments and using cloud as a key marketplace differentiator.
"It's a challenge that calls for a new mindset in the way that ICT [information and communications technology] services are purchased, deployed, measured and managed."
John Rastrick, partner and head of Yorkshire and the North East at NorthEdge Capital, added: "We are also pleased that such an exciting opportunity marks the first investment from our maiden SME Fund. This Fund gives us much more flexibility to tap in to the strong appetite for investment at the regional lower-mid market.
"iPortalis represents another investment in the tech space for us following on from Sumo Digital, Utiligroup, CTS and Cubic Motion and evidences our ability to support the region's best high growth tech businesses."