Virtual1 (en-GB)

Virtual1 gets £10m investment from BGF

22/12/2016

Virtual1, a London-based cloud and connectivity serviceprovider, has secured a £10m investment from BGF as it continues to pursue itsgrowth strategy.

Virtual1delivers cloud and connectivity services exclusively to the wholesale market,aggregating its own cutting edge London-based network with networks from othercarriers onto a single scalable platform. Founded in 2007 by CEO Tom O’Hagan,Virtual1 featured in the Sunday Times Tech Track 100 for three consecutiveyears and generated revenue close to £18m in 2015/16.

BGF’sfunding will be used by the company to invest in additional networkinfrastructure, and supports its longer-term growth plans.

SteveScott, former COO of Bridgehouse Capital, will continue to be Virtual1’sNon-Executive Chairman, and Phil Male (formerly Chief Strategy Officer at Cable& Wireless) will join the board as Non-Executive Director following anintroduction by BGF. During the past year, Virtual1 has strengthened its seniorteam with the appointments of Jim Sewell, former Group Sales and MarketingDirector at Alternative Networks, as a non-executive board member and MagnusBatsvik-Miller as Chief Financial Officer. Most recently Magnus was GroupFinance Director at World First.

TomO’Hagan said: “The funding provided by BGF allows us to accelerate ourexpansion strategy whilst retaining control of the business. We are excitedabout embarking on the next phase of growth to further cement Virtual1’sposition as a leading wholesale provider.”

ChrisHodges, an Investor at BGF who has joined the board of Virtual1 said: “Virtual1is one of the most exciting and innovative telecoms companies in the UK, led bya strong and ambitious leadership team and growing fast. We are delighted to besupporting Tom and his team as they continue to capitalise on the increasingdemands for cloud and connectivity solutions in the wholesale market.”

Theinvestment in Virtual1 was led by BGF’s Chris Hodges, George Tsangarides,Thomas McDonnell and Michelle Wilk. BGF, the UK’s most active investor ofgrowth capital, has invested more than £1bn in UK small and mid-sizedcompanies, including unified business communications providers OliveCommunications and Maintel, both of which are Virtual1 customers.

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