NorthEdge Capital has backed award-winning cloud services specialist iPortalis, providing it with a multi-million pound growth capital investment to support its global expansion.
The investment, the first from the recently closed NorthEdge Capital SME Fund I, was supported by a number of Yorkshire professionals, including Hitesh Tailor and Sarah Harrison of Clarion’s corporate team which provided legal advice to iPortalis.
As organisations increasingly move to the cloud, iPortalis assists international businesses in bringing together their diverse solutions, enabling all technology purchasing, deployment and license and asset management functions to be handled by IT teams via a single pane of glass.
With a team of cloud technology experts across its offices in the UK, Europe and USA, iPortalis has a strong portfolio of global clients, including multinationals and some of the world’s largest hosted service providers and telecoms businesses.
NorthEdge’s investment will support the existing management team, led by founders Neil May, CEO, and Eric Hanig, CTO, with NorthEdge taking a significant minority stake in the company. The investment will help drive further expansion of its client base, as well as enabling it to continue strengthening its market leading technology and tripling its headcount to 60 staff worldwide. John Hawkins, an experienced chairperson with a track record of consistently driving growth in the technology sector, will join the business as non-executive chair.
Neil May, CEO at iPortalis, said: “The pressure is on global organisations to move their cloud strategies to the next level by creating greater value from their investments and using cloud as a key marketplace differentiator. It’s a challenge that calls for a new mindset in the way that ICT services are purchased, deployed, measured and managed.
“Partnering with NorthEdge Capital will turbo charge our platform and services development, whilst adding significant global resources to expand the iPortalis sales, marketing, customer services and support teams. We’ve been hugely impressed with NorthEdge’s understanding of our business, the marketplace opportunities we have, and their ability to react at a strong pace with investment decisions and process. We are very excited to be partnering with them on the next phase of our journey.”