ITC Service, an IT managed service provider, has secured a £7m investment from BGF.
Founded in 2016 by Christopher Potts and Peter Anderson, the Hebburn-based company specialises in providing outsourced IT services.
The funding will allow the business to continue to scale through a combination of organic growth and the acquisition of complementary providers in neighbouring regions.
Co-founder Christopher Potts said: “Over the last 18 years, we have built a highly successful, respected business that has developed a strong and valued client base.
“With the ongoing support of my co-founder Peter, I am excited to lead ITC forward, to continue to grow and support our region, to help more local businesses achieve their goals and complete a carefully executed M&A strategy.
“In order to fulfil this potential, we need an investment partner that is willing to take a long-term approach to support our growth ambitions.
“With an excellent track record of backing exciting and dynamic businesses in the North East, we are confident BGF is the right choice and we’re delighted to have the team onboard.”
The deal was led by John Healey and Christian Pollard, investors in BGF’s Newcastle team. As part of the investment, Lee Shorten will join the board as non-executive chair.
Healey added: “ITC is a real success story in the North East, where it has a long-established track record of delivering exceptional client outcomes.
“With an appetite to accelerate growth, through a leading service offering combined with a client focused approach, ITC is well positioned to expand its footprint in the regional market.”
ITC Service provide managed IT support, cyber security, Microsoft 365 cloud services, voice, communication, consulting and digital transformation.
BGF was set up in 2011 and has invested £4bn in over 600 companies, making it the most active investor in the UK.