Unified communications provider receives backing from Clydesdale Bank to support its organic and acquisitive growth strategy
Six Degrees Group has secured £25 million worth of funding from Clydesdale Bank to support its strategy of organic and acquisitive growth in the managed data services market.
Six Degrees Group chief financial officer Ronnie Smith (pictured) said: “The ongoing support from Clydesdale Bank is testament to how successful the Froup has been in executing its strategic plan and we’re now at a run-rate of £30 million revenue and £9 million EBITDA.
“This represents comfortable double digit organic growth and we’ve delivered well over £1 million in cross-sales in less than six months, proving that our model is working superbly well.”
Clydesdale Bank director of corporate and structured finance Mark Hull said: “We have established an excellent relationship with the directors of Six Degrees Group over a number of years and this latest extension of our support further enhances the successful partnership we have developed with the company.
“We look forward to working closely with them as they roll out the ambitious plans they have for the coming year.”
Six Degrees CEO Alastair Mills, who was also CEO of service provider SpiriTel before it was bought by Daisy Group for £27 million in November 2010, unveiled Six Degrees Group in October.
He acquired four unified communications companies – UKSolutions, NetworkFlow, Protel and Key Asset management – backed by £60 million of venture capital funding.
Six Degrees Group offers Cloud computing, data centre, connectivity and voice services, serving markets including the finance, legal, retail and public sectors. Its customers include Japanese fast food chain Yo! Sushi and tourism body Visit Britain.