A fast-growing Edinburgh technology business has unveiled plans to create 50 new jobs after receiving private equity backing.
Hutchinson Networks is a provider of multi-vendor IT and network solutions to national and international clients who offer advanced infrastructure services to an expanding client base including a major UK airport and several Fortune 100 companies.
The business has secured a £2.2m growth capital investment from funds advised by YFM Equity Partners, which it will use to recruit an additional 50 technology staff during the next two years.
Hutchinson Networks currently employs 89 staff across the UK and is projecting turnover of £11.5m this year, rising to £16.5m in 2019.
“The general move to cloud-based services across all industries continues to drive exceptional growth opportunities for us,” said co-founder and chief operating officer Stephen Heslop.
“We are very pleased to have YFM as investors; we liked the straightforward approach and their experience of supporting growing businesses.
“We will now focus on delivering our transformative technologies and expertise to clients in the UK and globally.”
Nigel Owens, investment director at YFM responsible for the Scottish market, added: “Hutchinson Networks has an outstanding reputation with its clients and its technology partners. The company has grown strongly due to the drive and energy of the management team.
“The plans for the business to scale both sales and employment whilst expanding their geographic footprint in a growing market fits perfectly into the portfolio of businesses in which we are investing.”
Hutchinson Networks was advised on the deal by Paul Mason and Jonathan Griffiths of Chiene+Tait LLP and Stuart Hendry of MBM Commercial.
Legal advice to YFM was provided by Murray Jack and Cristin Craig of Addleshaw Goddard LLP, financial due diligence was carried out by Johnston Carmichael, commercial due diligence by Philip Carse of Megabuyte and organisational due diligence by Anna Cornwallis of Stratton HR.