Cloud solution provider FluidOne has secured a long-term refinancing deal with Pemberton to support its goal of tripling in size over the next five years.
Pemberton will cover full refinancing and provide funds for future strategic acquisitions. Since Livingbridge's investment in 2019, led by CEO Russell Horton, FluidOne has quadrupled its revenue to £109m through eight acquisitions.
The company now boasts a 50% IT and cyber revenue mix, with over 70% in recurring revenues.
Horton said: “We ran a process to seek a refinance package that would give flexibility and facilities to support us over the long term.
“We have our next acquisition in process that will be the first deployment of our new facility, and a pipeline of follow-on targets that fit our Connected Cloud Solutions strategy.”
Richard Meehan, MD, Origination at Pemberton, added: “We view FluidOne to be ideally positioned to benefit from continued strong demand for cloud and cyber security services.”
FluidOne operates in the UK market, with businesses spending £36bn annually on IT, cyber, and communications.
