CloudXL, a Basildon and London-based provider of cloud based IT and Network services to the SME sector and a portfolio company of UK lower middle market investor Synova Capital, has received new new debt facilities from Clydesdale Bank.
The company provides hosted, network and managed IT services to the UK SME market specializing in virtualization, cloud servers and public and private cloud hosting and computing. It currently employs over 100 people with turnover exceeding £20m.
In April 2011, Synova completed the management buyout of Actimax by offering a full equity underwrite, thus providing certainty of delivery for the vendors. A further two acquisitions – Universal Office Automation and The Network Resource Group – were funded by Synova in 2011 to form CloudXL.
With the group fully integrated, Synova was able to negotiate the debt financing package to re-finance its equity commitment of up to £15m and support the company’s buy and build strategy.