Edinburgh’s Hutchinson Networks Raises £2.2M
Following the investment, the IT and networking specialist plans to increase headcount by 50 and grow internationally.
Hutchinson Networks, the Edinburgh-based multi-vendor IT and network specialist has secured £2.2 million of growth capital investment from funds advised by private equity fund manager YFM Equity Partners (YFM).
The investment will enable the company to fund additional marketing and operational resources to accelerate international growth. In addition Hutchinson will also recruit an additional 50 technology staff over the next two years, in addition to the 89 staff employed across the UK and worldwide.
Founded by Paul Hutchinson (CEO) and Stephen Heslop (COO) in 2011, Hutchinson Networks works with clients internationally, offering advanced infrastructure services. The company claims a number of high profile clients, including a major UK airport, an international consumer brand, several Fortune 100 companies and a global retail technology brand.
Hutchinson is projecting turnover of £11.5m this year, rising to £16.5m in 2019.
Stephen Heslop, Hutchinson Networks’ Chief Operating Officer said:
“The general move to cloud-based services across all industries continues to drive exceptional growth opportunities for us. We are very pleased to have YFM as investors; we liked the straightforward approach and their experience of supporting growing businesses. We will now focus on delivering our transformative technologies and expertise to clients in the UK and globally.”
Nigel Owens, Investment Director at YFM responsible for the Scottish market said:
“Hutchinson Networks has an outstanding reputation with its clients and its technology partners. The company has grown strongly due to the drive and energy of the management team. The plans for the business to scale both sales and employment whilst expanding their geographic footprint in a growing market fits perfectly into the portfolio of businesses in which we are investing.”
The investment follows a trio of executive appointments, announced in February 2018, to spearhead growth plans for the UK market. Hutchinson appointed Afsar Chaudhury as the Director of Advanced Infrastructure Services, Paul Edmondson as Sales Director and James Talbot as Head of Architecture.
Paul Hutchinson, CEO told DIGIT: “The new appointments are an integral part of our 2018 growth strategy where we will be looking to expand our footprint in England, grow our public-sector client base and build on our already substantial global services division which operates in over 80 countries.
“We will soon be moving to new larger purpose-built offices, which will give our customers the chance to experience cutting-edge technology first hand as well as offering an expanded Network Operations Centre that can service the growth in our UK and global customer base.”