A Newcastle IT company has announced that it has secured a £2m investment to create new jobs and pursue growth plans.
Atlas Cloud, which provides cloud and network solutions, is receiving the investment from the Northern Venture Capital Trust Funds managed by Mercia.
The company will use the funding to create 20 jobs over the next two years, as well increase turnover from £2.5m to more than £10m by 2025.
It reports that it has grown revenues by an average of 53 per cent for each of the past three years, and expanded its client base, with over half of its income now coming from outside the North East.
Pete Watson, CEO, said: “We are delighted to have secured this latest funding round, our largest to date, which demonstrates the faith Mercia, and our previous investors, have in us.
“We promise customers that our cloud-based solutions work better than their traditional set-up so we need to make sure we are at the forefront of innovation!
“The funding will allow us to further improve our solutions and fulfil our plans to become a leading national player in the cloud computing market.”
Alex Wilson of Mercia said: “Cloud IT helps companies to achieve digital transformation.
“Atlas Cloud has established itself a high quality provider, even for those clients that require the most demanding levels of service and security.
“We believe the company has excellent growth prospects and look forward to supporting Pete and the team on the next phase of their journey.”
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