The cloud service provider will use the capital to fund future acquisitions
Cloud specialist Timico Technology Group has gained more than £50 million from investment group Lyceum Capital which it will use to fund future acquisitions.
The finance agreement was announced by the Newark-based company today (February 9) and makes Lyceum the majority shareholder in Timico. Alongside future acquisitions, Timico will also invest the funds into its own internal systems and staff. Geoff Neville and Simon Hitchcock, both partners at Lyceum, will join Timico as non-executive directors. Founder Tim Radford will remain on the board in a similar role.
Timico CEO Ben Marnham (pictured) said: “Working with Lyceum Capital is a logical next step in Timico’s evolution, building on the foundations laid by Tim Radford and the team over the last few years.”