IT firms create £4m revenue group; Novosound funding
Campbell Fraser and Bob Bazley
SoConnect, a Borders-based telecoms and IT managed services business, has acquired Edinburgh rival Netopa.
The deal, adding the 10-strong Netopa team to SoConnect’s 20 in Newton St Boswells, creates a group with revenues of about £4 million during its first year of trading.
SoConnect was founded by CEO Campbell Fraser in 2011 and now has a network of more than 200 engineers. Netopa was established in the same year by CEO Bob Bazley, a British Army veteran who brings over 25 years’ IT experience including as Chief Technology Officer (CTO) of Noble Group and as a Vice President at Merrill Lynch.
In the combined group, which will retain the SoConnect name, Campbell Fraser remains as CEO and Bob Bazley will join the board and becomes chief operating officer (COO).
Mr Fraser said: “Bringing Bob and the Netopa team on board strengthens our offering and gives us a footprint in Edinburgh which will be important as we look to grow the team.”
SoConnect COO Bob Bazley said: “We’re excited about the growth prospects for the business, while continuing to develop the quality and delivery of services that we know matters most to the businesses we deal with.”
Novosound receives new funding
Novosound, the ultrasound technology group, has received a £3.3 million package of support from a consortia of investors.
The round was led by Foresight Williams Technology EIS Fund and included existing shareholders Par Equity, Kelvin Capital, Gabriel Investments the University of the West of Scotland, and the Scottish Investment Bank.
The company will match fund a £1m R&D grant for product development from Scottish Enterprise and pursue its expansion plans into global markets and new industries.
Novosound was established in 2018 by Dave Hughes, CTO, and Richard Cooper, CEO, as a spin-out from the University of the West of Scotland, where Hughes invented its core IP during his time as a Research Fellow. Cooper brings industry expertise as a successful technology entrepreneur.