Sky’s the limit for Atlas Cloud after £2m investment
An award-winning managed service provider which provides cloud and network solutions to blue-chip clients nationwide has secured a £2m investment from the Northern Venture Capital Trust Funds (VCTs), which are managed by Mercia.
The funding will allow Atlas Cloud to further develop its range of pay as you go solutions and pursue its ambitious growth plans. The company expects to create 20 new jobs at its Newcastle headquarters in the next two years, increasing existing staff numbers to 55, and increase turnover from £2.5 to over £10m by 2025.
Established in 2010, Atlas Cloud offers a complete range of managed IT solutions and has a reputation for delivering secure and accessible hosting for desktops, graphic intensive apps and complex databases. Clients range from local SMEs to blue chip firms and include high-profile names such as Sage, Experian, Magnox and HS2. The company has grown revenues by an average of 53 per cent for each of the past three years, and expanded its clientbase, with over half of its income now coming from outside the North East. The latest funding follows previous rounds of investment from North East regional funds and private investors, and brings the total raised to date to £5.2m.
Pete Watson, CEO, said: “We are delighted to have secured this latest funding round, our largest to date, which demonstrates the faith Mercia, and our previous investors, have in us. We promise customers that our cloud-based solutions work better than their traditional set-up so we need to make sure we are at the forefront of innovation! The funding will allow us to fulfil our plans to become a leading national player in the cloud computing market by further improving our solutions and investing in emerging technologies such as Citrix Workspace and SD-WAN.”
Alex Wilson of Mercia said : “Cloud IT helps companies to achieve digital transformation. Atlas Cloud has established itself a high quality provider, even for those clients which require the most demanding levels of service and security. We believe the company has excellent growth prospects and look forward to supporting Pete and the team on the next phase of their journey.”
Head of Marketing & Communications
Mercia Asset Management PLC
+44 (0) 7464 480 137
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About Mercia Asset Management PLC
Mercia is a proactive, specialist asset manager focused on supporting regional SMEs to achieve their growth aspirations. Mercia provides capital across its four asset classes of balance sheet, venture, private equity and debt capital; the Group’s ‘Complete Capital Solution’. The Group initially nurtures businesses via its third-party funds under management, then over time Mercia can provide further funding to the most promising companies, by deploying direct investment follow-on capital from its own balance sheet.
Mercia has a strong UK regional footprint through its eight offices, 19 university partnerships and extensive personal networks, providing it with access to high-quality deal flow. Mercia has almost £0.8billion of assets under management and, since its IPO in December 2014, has invested over £90.0million across its direct investment portfolio.
The Group raises its own Venture Capital Trusts (VCTs) and Enterprise Investment Scheme (EIS) Funds and details about open offers can be found through Mercia’s website.
Mercia Asset Management PLC is quoted on AIM with the epic “MERC” and includes the following wholly owned subsidiaries –
- Mercia Fund Management Limited is authorised and regulated by the FCA under firm reference number 524856
- Enterprise Ventures Limited is authorised and regulated by the FCA under firm reference number 183363
- EV Business Loans Limited is authorised and regulated by the FCA under firm reference number 443560