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£500,000 for Livingston firm

Exsel ready for capital growth after Coralinn funding

Hugh StewartTechnology company Exsel Group has attracted £500,000 from Livingston-based private equity outfit Coralinn to expand in Edinburgh.

The funding will see Coralinn take a 45% stake in the IT and communications business and help secure 50 jobs in Glasgow and Aberdeen.

Exsel, headquartered at CityPark in Glasgow, is among the fastest-growing tech firms in Britain with a growing list of clients which includes Celtic Football Club, the Institute of Chartered Accountants Scotland, Muir Construction and Scottish Futures Trust.

In two years it has grown from three staff with a turnover of £100,000 to £2.7 million in the last year and is on target to hit £4m.

Managing director Tom McDonald said: “As two strong Scottish businesses, it will be exciting to see what we can do together and where this investment will elevate us.”

Scottish entrepreneur Hugh Stewart helped set up Coralinn and becomes Exsel’s chairman. He said: “With this investment and support we believe Exsel will continue to be one of the fastest growing IT and communications companies in Scotland.”

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