Outsourcery raises £1m

MANCHESTER cloud computing firm Outsourcery has raised £1m from the sale of new shares to London-based investment firm Encore Capital.

It has subscribed to five million shares, which represents 10.6% of the enlarged share capital.

Oursourcery, whose joint chief executive is entrepreneur and Dragons’ Den investor Piers Linney, focuses on delivering cloud services that are based on Microsoft technologies.

Encore is paying 20p a share, a 21% premium to the 16.5p closing price  on October 9.

Outsourcery said the funds will give it “greater options”  to pursue and accelerate its growth, particularly in the mid-market.

Chairman Ken Olisa said: “I am pleased to welcome Encore to the Outsourcery share register as an investor with a strong track record of recognising and working collaboratively to grow high potential businesses.  

“Their investment builds upon the stronger financial platform laid down in August to give us additional financial firepower to take advantage of the position which we have established in the emerging cloud services market.”