Onyx celebrates £42m investment
North East technology provider Onyx Group have announced a substantial £42m investment by ISIS Equity Partners.
Following a £27m purchase price, and £15m in further power to fund strategic acquisitions, ISIS now owns a majority stake in Onyx Group.
The move will also help to extend Onyx’s geographical reach from their 10 existing sites, including Newcastle, Teesside, Sheffield, London, Edinburgh and Glasgow.
Neil Stephenson, CEO of Onyx Group, said: “This is a milestone for Onyx which will greatly bolster our position as a leading provider of specialised IT provision within the data centre, business continuity and cloud space.
“It highlights the commitment and sheer hard work of our people in ensuring that Onyx continues to differentiate itself from competitors in the market through the development of bespoke IT solutions to meet the needs of businesses within very different, specific fields.”
Onyx has completed six acquisitions over the past few years which has seen its customer base grow to over 2,000 clients across mid-sized businesses.
The deal will now help them to push ahead with ambitious plans to grow the business through further acquisitons.
Mark Advani led the investment in Onyx on behalf of ISIS and said: “Technology is making off-site hosting of data easier and more cost effective.
“The Onyx management team has done a great job of building a diverse, high service level provider of data storage and business continuity services with its existing investors.
“We are looking forward greatly to helping them accelerate their growth whilst building upon their high touch, local service proposition.”
Established in 1994, the company have successfully grown from a regional IT specialist to a national provider and has since made it into the Sunday Times Tech Track 100, a list of the fastest growing technology companies in the UK.