Cloud service provider Timico lands £50m investment from Lyceum Capital
Company will use funding to fuel acquisitions that will boost its skills, capabilities and expertise in key areas
Timico, the cloud service provider, has secured £50m in funding from Lyceum Capital, which becomes the majority shareholder in the company.
Founded in 2004, Timico delivers a range of end-to-end managed cloud service solutions for over 15,000 clients from its UK bases in Newark, Winnersh and London.
Major clients include Jimmy Choo, UNiDAYS, Mitsubishi Motors, The Savoy Hotel, Informa, Greene King and the John Laing Group. Today, the company claims to have revenues exceeding £56m and employs more than 300 people.
The finance will enable Timico to invest in its systems, people and capabilities, as well as fuel acquisitions that will boost its skills and expertise in key areas.
As part of the deal, Simon Hitchcock and Geoff Neville of Lyceum join the board as new non-executive directors.
Ben Marnham, CEO of Timico, commented: “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.”
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Hitchcock: “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.”