Onyx gets equity. ISIS gets ownership

Monday 17th October 2011
Courtesy:http://www.onyx.net/ & http://www.isisep.com/

ISIS Equity Partners (ISIS) has invested £42m in the Onyx Group and now owns the majority of the Group shares. In addition to funding the £27m purchase price, ISIS has a further £15m to fund strategic acquisitions, enhance Onyx’s footprint geographically and its ability to provide wider ‘on the doorstep’ services to existing customers.

Scolocate  expansion earlier this month is systematic of the services business which has see growth include among others Node 4, Iomart, and Alchemy, while in the case of Lumison funding was raised from Bridgeport Development to also go on a deliberate acquisition trail.  Onyx takes the same route with ISIS.

Neil Stephenson, Onyx Group CEO, (right) said: “This is a milestone for Onyx which will greatly bolster ourposition as a leading provider of specialised IT provision within the data centre, business continuity and cloud space. It highlights the commitment and sheer hard work of our people in ensuring that Onyx continues to differentiate itself from competitors in the market through the development of bespoke IT solutions to meet the needs of businesses within very different, specific fields.”

Onyx set up in1994 provides of business continuity, cloud computing and data centre services to a wide range of mid-market and enterprise clients. It serves some of UKs best known businesses isted in The Sunday Times Tech Track 100 which monitors the fastest growing UK technology companies. Since 2007, turnover has increased from £5.7m to £14.9m in 2010.

At a time when Government has been urged by British Software Alliance (BSA) to invest more in the technology sector as it looks for routes to recovery, the UK IT services sector is expected to be a solid performer, already contributing £102bn to the country.
 
Onyx is to push ahead with ambitious plans to grow the business through strategic acquisitions. To date, it has completed six acquisitions which has grown its customer base to more than 2,000 clients. Geographical reach across the UK is at 10 sites including Glasgow Edinburgh, London, Newcastle Teeside and Sheffield including 5 data centres and 6 workplace recovery facilities tailored specifically to meet the needs of mid-sized businesses in niche vertical markets such as the professional services and financial sectors.

Mark Advani, (left) who led the investment in Onyx on behalf of ISIS commented:   “Technology is making off-site hosting of data easier and more cost effective. The Onyx management team has done a great job of building a diverse, high service level provider of data storage and business continuity services with its existing investors. We are looking forward greatly to helping them accelerate their growth whilst building upon their high touch, local service proposition.”

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