9 October 2018: HeleCloud, an IT consultancy and managed services provider specialising in highly sophisticated Cloud strategy, implementation, migration and operation services, has received a £2m minority investment from BGF to further accelerate its growth strategy. The funding will support the company’s services portfolio expansion, the establishment of its presence into further European territories, and the development of new Cloud capabilities. HeleCloud was founded in 2016 and has grown rapidly and currently has more than 50 employees. It has an exceptional reputation and has already worked on projects with global corporations and household names, and references market disruptors such as Viber, the NEX Group, and Zopa.
Dob Todorov, CEO and Chief Cloud Officer at HeleCloud, said: “BGF’s investment will be instrumental in supporting us as we scale up and out, and we’re looking forward to working closely with them as we continue to grow. The world trend is more and more security-conscious organisations in regulated sectors transitioning to the public Cloud. We are proud to offer a robust service capable of meeting the sophisticated needs of these organisations.”
The business was founded by s Paul McCarthy (Chief Corporate Development Officer), Stefan Bumov (deputy CEO), Alex Kolev (CFO), Simon Rendell (NED) and Dob Todorov (CEO). Cloud-born, the company delivers sophisticated Cloud migration solutions for businesses with stringent security and compliance requirements. Rather than operating on a ‘lift & shift’ model, the business is able to re-architect a company’s entire IT infrastructure into the Cloud.
BGF’s Alex Snodgrass who will join the board of HeleCloud, said: “The ability to re-design complex IT infrastructure to operate on public Cloud platforms in highly secure and regulated environments is rare. HeleCloud has an impressive pipeline of projects and a highly knowledgeable management team. The market for this type of specialist cloud consultancy is growing rapidly and we’re very pleased to be able to support them at this exciting stage in their growth journey.”
Most recently HeleCloud created a secure AWS-based platform for the electronic trading platform NEX Infinity to process multi-million transaction volumes daily across the globe and has secured multi-million-pound contracts with large European Systems Integrators.
As part of the transaction, Duncan McIntyre, former CEO of Morse plc and Chairman of Monitise plc, will become non-executive Chairman of the company. Currently HeleCloud’s non-executive director and investor, McIntyre is a member of BGF’s talent network of board-level executives.
The investment in HeleCloud was led by Alex Snodgrass, Jack Teasdale and Tim Rea who are based in BGF’s Reading office.
BGF is the UK’s most active investor of patient capital which helps businesses to grow. It has made a number of recent investments in the IT sector including Cardiff-based DevOpsGroup and Manchester-headquartered Miss Group. BGF makes long-term investments for a minority, non-controlling stake in the businesses it backs.
Advisors to the transaction were Wilson Partners and Osborne Clarke who acted on behalf of BGF. Field Fisher advised HeleCloud.
HeleCloud™ is an Amazon Web Services technology consultancy with offices in Maidenhead, UK, and Sofia, Bulgaria that helps enterprises of all sizes establish Cloud vision, and execute Cloud strategies through their industry-leading Cloud Roadmap methodology. HeleCloud™ also provides Cloud managed services to further amplify Cloud benefits and enable enterprises to focus on their core business and customers.
BGF is the most active and influential investor in small and mid-sized businesses in the UK, with £2.5bn to support a range of growing companies – early stage, growth stage and quoted – across every region and sector of the economy. In Ireland, BGF has an additional €250m to support Irish SMEs on a similar growth path.
BGF makes long-term equity capital investments in return for a minority stake in the companies it backs. Initial investments are typically between £1m-£10m followed by significant follow-on funding as required. BGF is a minority, non-controlling equity partner with a patient outlook, based on shared long-term goals with the management teams it backs.
With a specialist internal team of over 150 people, combined with an unparalleled international network of business leaders, sector experts, and board-level non-executives, BGF has a unique platform and capability to support growing UK and Irish SMEs. This is further reinforced through dedicated in-house support with Chair and senior executive selection and appointments provide by our Talent Network, now some 5,000 strong.
BGF invests off its own balance sheet allowing it to offer truly flexible investment structures with a mix of equity and loan notes as appropriate. BGF can also provide equity release for existing shareholders and funding to support acquisitive and organic growth strategies at home and abroad.