UC provider plans staff increases and acquisitions with cash injection
Unified Communications provider TelcoSwitch is planning to accelerate its M&A and recruitment after securing £4 million in growth capital funding.
The firm has raised £1.5 million from existing long-term investors, while the remaining £2.5 million comes from capital investor BOOST&Co.
The investment comes in the wake of a strong year for TelcoSwitch, which saw it grow its live seats on its UC platform by more than 45 per cent year-on-year and rank 25th on the Sunday Times Tech Track 100, which ranks Britain’s 100 private tech companies with the fastest growing sales over the past three years.
“2020 was an exceptional year for TelcoSwitch. We’ve enjoyed record sales and ranked as one of the fastest growing technology companies in UK,” said TelcoSwitch founder and CEO Russell Lux (pictured).
“We’ve worked extremely hard to get to this point, and now have a hugely supportive partner in BOOST&Co to help us drive the business forward, continue acquiring other relevant businesses, and accelerate the growth of our base.”
TelcoSwitch also hopes the investment can bolster its M&A activities, with three acquisitions currently underway, following on from its acquisition of Communications Platform as a Service (CPaaS) provider Ziron in January last year.
Additionally, it is looking to double its office space to accommodate up to 100 employees over the next 12 months, in a bid to grow its channel partners.
BOOST&Co principal Kim Martin added: “TelcoSwitch is a founder-led business with a strong, high-calibre management team. They’re focused on investing in growth, which will also lead to the creation of new jobs at a time when unemployment is on the rise. This deal will support the continued success of a disruptive telecoms player, while ultimately also supporting economic recovery as a whole, which is why it’s a fantastic one to be a part of.”