Partner Article

Onyx backed by new funding

CLOUD computing and data storage firm Onyx Group has been bolstered by a £250,000 slice of the North East Technology Fund.

Invested over a period of two years, Stockton-based Onyx was targeted with the funding opportunity by North East Technology Fund manager IP Group, which identified it as a mature regional business with strong growth prospects through a focus on emerging technologies.

The investment is being used to grow the national IT provider’s Cloud asset, increasing its capabilities, resilience and market presence in what is a very competitive marketplace.

Neil Stephenson, CEO of Onyx Group, said: “A lot of IT providers have a Cloud offering, in fact it is common these days for technology firms like ourselves to provide such solutions. What differentiates us is that we offer a complete package - we can also provide access to the physical infrastructure that secures our customers’ data and protects their businesses.

“We welcomed the approach from the IP Group team who, as managers of the North East Technology Fund, will work with us to develop our offer. The whole process, from application to completion of the deal, has been very straight-forward. IP Group’s involvement is testament to the hard work of the Onyx team, who have been working tirelessly to develop a robust and resilient portfolio of services.”

Ian Wilson, investment manager at IP Group, said: “Onyx has been developing its Cloud capability for a number of years now and has strengthened every aspect of its offering, consolidating it and ensuring best practice across every element of its operation.

This was posted in Bdaily's Members' News section by Ruth Mitchell .