Global expansion for tech firm
Hutchinson Networks adds 50 staff after £2.2m deal
Paul Hutchinson: founder
Hutchinson Networks, an Edinburgh-based global technology business, is adding 50 staff after receiving £2.2 million from funds advised by YFM Equity Partners.
Hutchinson currently employs 89 staff across the UK and a network of advisers across the globe.
The business is projecting turnover of £11.5m this year, rising to £16.5m in 2019.
Founded in 2011 by Paul Hutchinson (CEO) and Stephen Heslop (COO), the company has experienced significant revenue and profit growth in recent years.
The management team, including CTO Stephen Hampton, were seeking growth capital to fund additional marketing and operational resources to accelerate international growth.
Mr Heslop said: “The general move to cloud-based services across all industries continues to drive exceptional growth opportunities for us.
“We are very pleased to have YFM as investors; we liked the straightforward approach and their experience of supporting growing businesses.”
Nigel Owens, investment director at YFM responsible for the Scottish market said: “The plans for the business to scale both sales and employment whilst expanding their geographic footprint in a growing market fits perfectly into the portfolio of businesses in which we are investing.”
Hutchinson was advised by Paul Mason and Jonathan Griffiths of Chiene+Tait and Stuart Hendry of MBM Commercial.
Legal advice to YFM was provided by Murray Jack and Cristin Craig of Addleshaw Goddard. Financial due diligence was carried out by Johnston Carmichael, commercial due diligence by Philip Carse of Megabuyte and organisational due diligence by Anna Cornwallis of Stratton HR.