Microsoft Azure partner Extrinsica Global has secured a £3.5m investment from the government’s Coronavirus Business Interruption Loan Scheme (CBILS).
The Oxford-based business intends to accelerate its current R&D programme, expand its team of experts and help more companies to embark on the digital transformation journey.
The loan will be used primarily to accelerate the development of intellectual property that Extrinsica has been working on for the last 18 months.
Founded in 2010, the firm is a hyperscale cloud solution provider, specialising in building and managing complex cloud solutions in Microsoft Azure – a key part of the Microsoft hyperscale cloud environment.
The business has capitalised on the uptake in digitalisation as organisations adapt their working environments and operating processes during the pandemic.
“We see ourselves as the organisation that takes businesses on their digital transformation journey,” said chief executive at Extrinsica, Simon Smith.
“In the hyperscale cloud environment there is a capability to implement new ideas quickly and introduce cutting-edge platform services, neither of which can be matched by traditional in house IT teams.”
“In the current environment it is the agile businesses that will see the most success,” says Lauren Couch, principal at lender BOOST&Co and head of the Bristol office.
“Extrinsica has demonstrated this, by taking the opportunity for growth via a CBILS loan, but it also empowers its clients to be agile by offering them cloud-hosted IT capabilities that they would never be able to match in house. A business that is contributing to the growth and digitalisation of other organisations is one that BOOST&Co is thrilled to support.”