Region: South West
Programme: Investment Programme and our other commercial investments
Founded in 2003, Cloud Direct has helped 4,000 small-midsize organisations move to the cloud – quickly and securely.
The business has grown organically and through acquisition to increase capacity and skills that help improve customer productivity, agility and competitiveness – in turn, contributing to the strength of UK plc.
From June 2015, Cloud Direct had been executing a buy-and-build strategy and made a number of acquisitions – Datel Business Systems in June 2015, ihotdesk in December 2015 and Redblade in July 2016. Following these acquisitions and the growth in group revenues and profitability, the company decided the time was right to seek new investment in order to make the next wave of acquisitions.
Cloud Direct’s management team applied to Beechbrook Capital for finance, following a recommendation from Grant Thornton, who were providing transaction services on the next acquisition. They were impressed with Beechbrook’s fast response and the bespoke financing package they were able to offer.
Cloud Direct secured a commitment of just over £5 million, which has contributed significantly to the completion of two further acquisitions so far in the first two months of 2017. Beechbrook’s pragmatic, business-minded and agile approach to Cloud Direct’s particular needs has been highly valued.
Brett Raynes, CEO and founder of Cloud Direct said: “By working with Beechbrook, not only have we been able to complete two important acqusitions, but we now also have a long-term partner who can support our ambitious buy-and-build growth strategy over the coming years.”
British Business Bank Investments Ltd have supported Beechbrook and its experienced management team for a number of years through our Investment Programme.