Technology

Posted on July 22, 2019 by staff

Telecoms firm Onecom secure £100m ahead of acquisitive growth

Technology

Independent business telecoms provider Onecom has secured a £100m funding package to help support organic and acquisitive growth.

The funds were raised through mid-market private equity firm LDC and credit funds managed by an affiliate of Ares Management Corporation.

The Hampshire-based provider of fixed line and mobile connectivity currently manages nearly 100,000 business customers, including paint company Farrow & Ball, Thwaites, five star resort Celtic Manor and directory enquiries firm 118 UK Ltd.

The business claims to have doubled its revenues over the last five years, now employing 400 people across 10 regional offices.

Its partners include Samsung, Apple, and Vodafone, with which the firm last month announced a five-year deal worth up to £600m in revenue.

The firm is led by CEO Ben Dowd, former group sales and business director at O2, who along with his management team will use the funding to power their growth plans which include 5G and superfast fibre broadband.

The firm has also announced Mark Thompson as its Chairman.

Thompson, who formerly ran MDNX which, trading as Easynet, sold to Interoute for £402M in 2015.

“The market is ripe for consolidation and Onecom can play a big role in this across mobile and fixed solutions where there is a huge number of resellers,” commented Dowd.

Investment lead LDC’s head of London Yann Souillard, who will take a place on the board as Non-Executive Director, added: “Onecom occupies a unique position in the business telecommunications market, offering a truly converged solution with the market’s leading operators and equipment manufacturers.”

In April the firm secured a £30m finance package from HSBC UK.