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Managed cloud service provider Timico could be dipping its toes into the acquisition market having secured £50m in investment from Lyceum Capital.
Lyceum has now become the majority shareholder in the MSP and its staffers Simon Hitchcock and Geoff Neville will be joining as non-executive directors. Tim Radford, the founder of Timico, will remain on the board as a non-executive director.
The warchest will be used to invest in people, systems and "will provide the necessary funds to finance selective acquisitions designed to bolster Timico's skills and expertise in key areas", according to the firm.
The latest development in the story of the 12 year old firm comes on the back of work done in the last five months by Timico CEO Ben Marnham to restructure the business around a single brand and service model.
“Working with Lyceum Capital is a logical next step in Timico’s evolution, building on the foundations laid by Tim Radford and the team over the last few years. Lyceum have proven expertise in our sector and we share a very similar vision of Timico’s future within it," said Marnham.
"We can now realise our plan to enrich our proposition and service portfolio so we can better serve our clients’ needs and fulfill our ambition to become a market-leading, end-to-end provider of IT and cloud solutions," he added.
Hitchcock, partner at Lyceum Capital, said that it wanted to put the money into Timico to take the firm to the next stage in its development as a a managed cloud service provider.
“It is clear that its clients, many of whom are long-standing, are firmly at the centre of its plans and can look forward to a very rewarding relationship with the business moving forward. We are delighted to be supporting Ben and the team through this next, exciting stage of acquisitive growth," he said.