European financiers invest in cloud services company to help it hit £100m revenues by 2015
Cloud services provider Outsourcery has received £6.4 million in funding from European financial investors to help support the company’s drive to hit revenues of £100 million by 2015.
Outsourcery currently has revenues of around £10 million, but the firm says it expects to at least double revenues each year
This will be through a combination of international growth and increasing its UK presence through both direct deals and through channel partners.
Outsourcery co-CEO Piers Linney (pictured) said that the funding was likely to be the first of a number of further rounds of investment sought by Outsourcery as it grows.
The funding matches the investment made by Outsourcery’s management team when the firm was spun off from its legacy mobile business in 2011.
Linney said: “We are probably going to more than double revenue this year and expect to do it again next year, so we are gunning to get £100 million in 2015.”
Linney said the money would be used to fund ongoing operations and make the systems through which Outsourcery’s partners buy cloud services for their customers as “frictionless”
He insisted the additional funds would not be used to fund acquisitions.
As part of the plans, Outsourcery is planning to bring in around 20 people in a the UK in a variety of roles this year.
Linney said the number of UK additions will accelerate next year, with between 30 and 40 new positions being created.
The firm will also be bringing in a “handful” of staff in international roles, but also plans to work with partners overseas to help support international contracts.
Linney said: “We are not going to be hiring a lot of new people this year, but we are looking at expanding more next year.
“This funding is cash to continue the day-to-day operations, but will also be used to expand the business.
“We are constantly investing in our technology, our platform, our provisioning, and to ensure that everything we do can be white-labelled and sold by our channel partners.
“It is investing in the infrastructure and processes to make sure our offering is completely partner-centric, and is just from start to finish very slick and automated.
“Most of our growth is coming through channel, but what is interesting is that it is the larger channel partners, systems integrators and telcos, they are the ones that are really embracing the cloud and trying to add value to their customer bases.”
Outsourcery currently works with a number of large corporates such as O2, and has recently signed up two additional large system integrators, though Linney was unable to reveal their names at the time of going
The new investment will also contribute to expanding Outsourcery’s services internationally, and Linney believes operations outside the UK could account for between 20 and 25 per cent of the firm’s business by 2015.