Comms provider Entanet has bagged a £6m wad of cash from midmarket equity investor Mobeus to support its £14m management buyout.
The investment is designed to support the firm as it develops its offering in the connectivity services market. It has already built out its 39 PoP network to each of BT’s 20 21CN key aggregation points, and has adopted both Wholesale Broadband Connect and IPStream Connect services, and claims to be the only channel-centric provider – apart from BT itself – to have done so.
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Along with the investment comes a new non-exec director, Richard Atkins, who joins Entanet as investing chairman to advise the firm at a strategic level. Atkins comes with extensive networking sector and channel pedigree, having worked with Global Crossing, Morse and MessageLabs, among others.
Entanet MD Elsa Chen hailed the involvement of a “highly-respected” investor and said the deal was a big vote of confidence in the firm’s future prospects.
“It will strengthen our strategy of building a solid loyal partner channel that is capable of driving steady, stable and sustainable growth over the long term,” she said.
“It will also support the continuing investment we are making in our network and in developing and delivering new services that enable our partners to offer more choice and value to the widest range of customers.”
Ashley Broomberg, partner at Mobeus, added: “Entanet has a great reputation and a sound and proven business model. We are delighted to provide our support for the company’s growth plans and look forward to working with the management team to build on its firm foundations in the growing connectivity services sector.”