Modern Networks, a UK-based provider of IT Managed Services and Connectivity to the Real Estate and Construction industry, received a £40m investment from Horizon Capital.
Alongside Horizon Capitals investment, debt finance for the acquisition and a committed facility for acquisitions has been provided by specialist SME lender DunPort Capital Management.
The company intends to use the funds to pursue acquisitions alongside its organic growth within the commercial sector and also in adjacent sectors.
Established in 1999 by Matthew Reeve, who continues as CEO, Modern Networks provides IT Support, connectivity and communications in an integrated solution to over 2,000 sites across the UK. From its support centre in Hitchin, the company delivers a 24/7 service to users and serves a number of the largest commercial property managers in the UK.