BGF invests £7m in IT firm APSU
APSU TWP, a provider of IT managed services, has received a £7m investment from the Business Growth Fund (BGF).
BGF’s investment will enable APSU, which has its headquarters in Cirencester but also has a base in Coventry, to recruit technical personnel in the UK to support overseas customers and build a larger sales and operational capability to address the US and other overseas markets.
APSU also plans to target selective acquisitions to enhance its service offering, both in the UK and internationally.
The company was formed in 2011 by CEO Steve Morris from the merger of AssurIT andApex Computers International.
Morris said: “The investment by BGF will provide the platform to build upon our exceptional growth as APSU develops and expands our unique feature-rich, cloud-based offerings for the UK, Europe and worldwide markets.
“APSU has an exciting and profitable future ahead and I very much look forward to working with BGF, as well as continuing to work with our customers and partners, both in the UK and internationally, to ensure that we exceed market expectations for both innovation and quality of services.”
The Birmingham-based BGF was established by the Government to get funding into businesses. It partners a number of High Street banks.
The corporate finance team in the Birmingham office of accountancy firm Mazars advised APSU on the deal. Corporate finance partner Nick Johnson and director Stephen Harris led for the firm.
Johnson said: “APSU is a terrific business which is aiming to grow rapidly.
“This is a significant injection of cash to help it achieve its ambitions.”
APSU is forecasting a turnover of £25m next year and is a leader in delivering IBM solutions to the UK market.
Its service portfolio covers technical consultancy, procurement, managed services, in-store and on-line retail solutions, cloud hosting, physical co-location and software asset management.
In 2013 it was recognised as one of the fastest growing IT companies in the UK by the Sunday Times Tech Track 100.
