Investec funds acquisition of Ipitomi by enlarged group of ICT companies

Investec Growth & Acquisition Finance (‘Investec’) has continued its support of a group of integrated communications and technology (ICT) companies including Telinet, Evolution Voice and Data and Pasporte Limited (“The Group”) through funding the acquisition of Ipitomi, an ICT solutions provider.  The acquisition brings Investec’s total funding commitment to The Group to over £16 million comprising senior and intermediate capital.

The Group was formed with the purchase of Telinet in August 2006.  Its most recent acquisition prior to Ipitomi was Pasporte Limited in June 2008, for which Investec provided senior and mezzanine funding.  These acquisitions underscore The Group’s strategy of providing managed services to medium-sized businesses in the UK.  The Group, with revenues in excess of £50 million and over 200 employees, is already a leading supplier of end-to-end ICT solutions to UK businesses.

Ipitomi provides technology and telecoms solutions to businesses ranging from SMEs to large multinationals as well as specialist solutions for business centres including those in which the companies are based.

Ed Cottrell of Investec Growth and Acquisition Finance said: “Our continued support for the Group demonstrates Investec’s commitment to the strong management team and to its focused buy and build strategy.  We remain interested in the Group’s positioning in an exciting sector through its ability to deliver end-to-end ICT solutions to the UK mid-market.”

Paul Cosgrave, CEO of The Group said: “The continued support of Investec comes as a result of the Group’s steady growth and the successful integration of other recent acquisitions, including Pasporte.

“Ipitomi has a strong track record within the information technology and telecommunications industry, and a comprehensive portfolio of services that go beyond the typical services offered by other providers. This is demonstrated by the success of its hosted ICT service packages available to organisations across sectors ranging from business centres to retail outlet operators. This well-targeted solutions portfolio is proof of a strong management team and professional, expert staff.  Ipitomi also brings an excellent client list and a history of solid growth,” continues Cosgrave.