ITS Technology Group Raises £2.4 Million of Funding to Boost Network

The ITS Technology group, which has been busy rolling out a mix of superfast and ultrafast fibre optic and wireless broadband networks around the United Kingdom, has managed to secure a further £2.4 million of investment in order to support future UK network expansion and new urban concession agreements.

Most of the funding has actually come from new shareholders in the business, as well as some conversion of existing shareholder loans into equity. ITS has been advised in this financing by Cameron Barney LLP.

Roy Shelton, CEO of ITS Technology Group, said:

“I am delighted by the continued support shown by our existing shareholders and thrilled to have attracted new private investors. This latest investment will be used to fund growth, including the expansion of the existing, new and national super and ultrafast networks currently in planning.

This new round of funding will allow us to surge forward with our value proposition of creating networks for digitally deprived rural and urban areas. It also enables us to further develop our partner channel to provide robust and cost effective broadband and associated services on a wholesale basis.”

So far ITS has also won several concession agreements with local councils including the London Borough of Hammersmith and Fulham, Bristol City Council and most recently Nottingham City Council, as well as the build of 17 business park and community networks. No doubt there will be more of this to come.