Modern Networks, a UK-based provider of IT Managed Services and Connectivity to the Real Estate and Construction industry, received a £40m investment from Horizon Capital.
Alongside Horizon Capitals investment, debt finance for the acquisition and a committed facility for acquisitions has been provided by specialist SME lender DunPort Capital Management.
The company intends to use the funds to pursue acquisitions alongside its organic growth within the commercial sector and also in adjacent sectors.
Established in 1999 by Matthew Reeve, who continues as CEO, Modern Networks provides IT Support, connectivity and communications in an integrated solution to over 2,000 sites across the UK. From its support centre in Hitchin, the company delivers a 24/7 service to users and serves a number of the largest commercial property managers in the UK.
As well as providing their own services, the business is also a certified partner for Microsoft, Cisco and HP. Modern Networks works closely with many of the UK’s top Real Estate and Construction firms providing services to over 2,000 sites across the UK. They also provide services to over 140 varied enterprise clients including architects, media companies, accountancy firms, not-for-profits and travel agents.
Reeve will be joined by Chairman Lee Shorten, who was previously UK MD of Avaya and Acquisitions Director Andy Roberts, formerly CEO of Horizon portfolio company Sabio. Managing Director James Tizzard and Finance Director Nikki Sandham complete the team.