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ITS Technology Secure More Funding to Fuel UK Full Fibre Network

Thursday, July 5th, 2018 (10:43 am) - Score 938

The ITS Technology Group, which has built a mix of fibre optic and wireless broadband ISP networks around the UK, has secured another round of investment from private equity firms. The new funding will be used to support the growth and commercialisation of their “full fibre” network in metro and rural areas.

The level of funding itself has not been disclosed (we don’t know if it’s £10, £10,000 or £10 million etc.) but it stems from a mix of sources, including Maven Capital Partners, the Northern Powerhouse Investment Fund (NPIF), Maven Venture Capital Trusts (VCTs) and some other private shareholders (i.e. it’s probably more than £10).

According to the announcement, ITS intend to use the funding to invest in both new networks and expansion of their existing ones in Bristol, Hereford, London, Nottingham and Tameside. The operator said that it would also continue to adopt their “dig once” approach, which means working with local authorities and landowners to reuse infrastructure to reduce the costs and accelerate the time to build new full fibre networks.

Daren Baythorpe, CEO of ITS, said:

“Since taking the reins of ITS, my focus has been on getting us into great shape to continue our rollout of ultrafast digital infrastructure at pace. Maven’s continued support both validates and underpins our approach to support the government’s and Ofcom’s full fibre vision. I am delighted to have reinforced our long term partnership.”

Ryan Bevington, Investment Director of Maven, said:

“As a long term investor, our continued support of ITS is a reflection of the confidence we have in its management team, business model and approach. We are excited to be part of the company’s next phase of growth while in the safe hands of Daren Baythorpe and his senior management team.”

The latest boost follows a similar one in October 2017, which saw Maven Capital Partners pump £2.25 million into the business (here).

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