Olive Communications has secured £15.3m in funding to accelerate its growth plans.
The financial package will go towards boosting the unified comms dealer’s range of products and services. Olive has said it will also use the funding to add to its customer base, as well as increasing its staff numbers.
The company has been increasing its capabilities over the last few years, inking deals across the communications and IT sector. Having secured a number of takeovers in 2014 the dealer went on to jump 42 places up the Sunday Times Tech Track 100 that year, ranking 49 in the list’s top 100 fast growing firms.
Olive are hoping to continue on this trajectory in 2016, making us of £10m worth of funding from Business Growth Fund (BGF) and £5.3m in debt facilities provided by Barclays.
According to Olive CEO Martin Flick, the funding will allow the dealer to maintain control of the business, giving it a greater degree of flexibility. BGF suggested that the partnership would also allow Olive to consider adding more acquisitions to its strategy.
Flick said: ‘Over the past few years, we have experienced continued growth as a result of the exceptional talent and hard work of the Olive team. Results have been very impressive on a self-invested basis but we have ambition to develop our product offering for customers and partners even further.
‘BGF’s minority, long-term funding model gives us the flexibility to do this. At the same time, we keep control of the business. We are excited about this partnership, and about leveraging the huge network that BGF has built over the past four years.’