Nokia Siemens Networks
Cambridge-based OpenCloud Limited, which supplies real-time application server software for next-generation convergent telecomms services, has received £4 million investment from Nokia Siemens Networks (NSN) – one of the largest telecom hardware, software and services companies in the world – plus an additional £1m from its existing investors Advent Venture Partners and No 8 Ventures. In addition to the investment by NSN,
OpenCloud has secured an OEM agreement that will see its Rhino Telecom Application Server and Service Interaction Server becoming integrated into NSN’s charge@once unified product suite - a modular, highly scalable and flexible convergent charging solution. For the last two years, OpenCloud and NSN have enjoyed an increasingly successful working partnership securing 13 joint customers in that time.
The investment will be used by OpenCloud to further global expansion. It will also allow OpenCloud to extend its partner and application portfolios, as well as assist in the development of future products. The cash boost comes at a time when the market demand for OpenCloud’s Telecoms Application Server and Service Broker products is increasing.In the last year, OpenCloud’s successful growth has exceeded projections. Revenues have tripled year-on-year and the company has acquired 13 customer wins in the last year alone. OpenCloud’s client roster includes some of the telecom industry’s biggest players, such as BT, Vodafone, and T Mobile amongst its customer base of over 30 mobile and fixed network telecom operators.
CEO Jeff Gordon said: “We are continuing with our quest to open up the telecoms service layer, to provide compelling technology to the expanding community of telecoms software developers and deliver better value and increased innovation. “
"To be receiving an investment from NSN is a strong endorsement of OpenCloud’s products and strategy and it will help to support our continuing rapid growth."
“This move elevates our relationship with NSN to that of a truly strategic partner and will enable us to address the considerable Service Layer and Converged Charging opportunities in the market.”
Founded in New Zealand, OpenCloud is now headquartered in Cambridge with R & D, engineering and support in New Zealand and Spain and branch offices in the Singapore and Jakarta.
Core Capital
Core Capital, the specialist private equity partnership, announced today that they had completed an investment in Kelway, making this the fifth investment completed so far in 2006.
Core led the £5 million replacement capital investment in Kelway, a fast growing IT hardware and software reseller based in the UK, which focuses on supplying to companies in the SME market. Kelway is one of the UK’s leading resellers of computing and networking hardware and software to leading corporate and public sector organisations across the UK. Kelway also provides a range of related value added IT services.
Kelway has an established market niche supplying companies where the service requirement is as important as the hardware itself, and Kelway has developed a model based upon serving the needs of this particular client base. Kelway aims to support the IT procurement function within companies that typically lack the internal resources to manage this complex and business critical need.
The company has various locations in the UK but a vast majority of the 62 employees are based in the London office. Founded in 1990, Kelway has grown from £25 million revenues two years ago to some £55 million in 2007, while the UK hardware’s CAGR over the same period was only 5.9% (IDC).
Kelway also supplies packaged software and is an accredited partner of all the major packaged software vendors including Microsoft, Oracle, Adobe, Citrix and Veritas.
Commenting on the transaction, Walid Fakhry said, “Kelway represents an attractive opportunity for the Core funds to invest in an established yet fast growing business, with a large installed base and an interesting business model. It’s service-led approach has allowed Kelway to support its clients growing IT needs and achieve good margins. This continues to be well received in a market typically dominated by low-cost, low value added suppliers, who fail to support SME businesses and instead usually target larger organisations.”
Phil Doye, Managing Director of Kelway commented “Working with Core, who add a lot of value to Kelway, represents a good opportunity to support the continued growth of the business, both organically and through acquisition. The deal process highlighted the supportive approach that they adopt and I look forward to working closely with Core over the coming years.”
Auris Medical
Auris Medical was created to exploit commercially the intellectual property PROLONG device, used to treat premature ejaculation (PE). After independent clinical trials were carried out in London University Teaching Hospitals and PROLONG was recommended as first line treatment for PE. Patent applications were made and successfully granted in 81 countries.
We were appointed by Auris to carry out a series A fund raise and were successful in securing investment from Range Capital.
PetPartners
Regent Evolution Partner, Mike Simson advised PetPartners in the buy-out of a significant minority shareholder.
Funding was provided by HSBC.
PetPartners is a Pet Insurance business with an exclusive commercial contract with the Kennel Club..
Air Leisure UK
Private equity fund manager and Enterprise Investment Scheme (EIS) and Venture Capital Trust (VCT) specialist Calculus Capital has invested £3m in UK trampoline park company Air Leisure UK, trading as Jumptastic, as it plans to expand into Scandinavia.
The transaction was originated by Assay Corporate Finance [since renamed Regent Evolution] and Partners, Mike Simson and Brett Stacey also advised the Jumptastic management team throughout the whole process.
Jumptastic’s highly successful first park opened in Gloucester in 2015, offering 90 interlinked trampolines over 30,000 square feet. The park attracted more than 140,000 visitors in its first 12 months. In addition to UK growth plans, the company has identified Scandinavia as a key expansion target. It is a region in which the management team – Directors Andy West, Paul Monaghan and CEO Lee Myall – have previous experience and where they believe the market has significant growth potential.
John Glencross, Calculus Capital’s Chief Executive, said: “Trampoline parks are a relatively new attraction in the UK but the activity has quickly established itself. A number of parks are already open and more are expected. The activity is already well established in the US where more than 350 parks have opened, welcoming visitors of all ages for parties, fitness training and classes. “Jumptastic has all the hallmarks we look for in an investment; it is profitable, scalable and operating in a market with huge growth potential. We favour its strong management team, attractive margins and excellent overall business model.
Lee Myall, CEO of Jumptastic, said: “The Assay advice and guidance was very important to us during this whole process and we cannot recommend them more highly to someone contemplating a similar growth funding exercise. We would like to thank Brett Stacey, Mike Simson and the rest of the Assay team for their dedicated work and commitment in getting this deal past the line.
London Oil & Gas
Brett Stacey of Regent Assay initiated the transaction and advised London Oil & Gas on its £10m secured convertible loan facility with Independent Oil and Gas plc. The transaction forms part of a wider mandate, which Assay holds for the acquisition of oil producing assets.
London Oil & Gas has a clear strategy to acquire oil and gas producing assets in Europe, North America, the Caspian region and West Africa and is backed by a major global oil company and investment banks.
Fortius Clinic
The Fortius Clinic (Fortius) raised debt and equity finance to fund the setting up of a second orthopaedic diagnostic and treatment clinic (ODTC) based in the City of London and an Ambulatory Surgical Centre (ASC). The ASC is to be based in London’s West End, near the current Fortius ODTC in Fitzhardinge Street.
Equity and debt was raised from a group of private individuals as well as several senior orthopaedic consultants who will be joining the existing Fortius team. The fundraising was supported by additional debt obtained from HSBC.
Chief executive of Fortius, Jim McAvoy said: “The funds raised will enable Fortius to continue its mission of establishing itself as the leading musculoskeletal services provider in the UK. Fortius is seeking to establish a brand that will be the partner of choice for those seeking excellence and value for money in the UK musculoskeletal market.”
Partners Mike Simson and Stephen Bennett advised the Fortius Clinic on the fundraising.
Deep Blue Restaurants
Our Partner Mike Simson led a team which advised Deep Blue Restaurants in successfully raising institutional funding for a significant minority investment in the Company from Rapid Realisations, a pre-IPO fund managed by Cenkos.
Deep Blue is a chain of twenty one high quality fish and chip restaurants in the South of England. The funds have primarily been raised to rebrand certain existing sites and finance the acquisition of further shops. The intention is to substantially expand the footprint of the Business over the next three years which will make Deep Blue the clear market leader in the sector.
James Low the Chief Executive of Deep Blue Restaurants said “This is a very exciting time for Deep Blue and I would like to thank Mike Simson and his team for their creative advice and commitment in helping us to reach this key point in our development”.
Simultaneously with the equity investment Mario Budwig, the founder of the Millies Cookies chain, which now has over one hundred stores, will be joining the Board of the Company as the non-executive chairman.
Barons Holdings
Baron's Holdings is a Day Spa and Hotel business. It's two main assets are Hoar Cross Hall and Eden Hall Day Spa.
We advised the Baron’s Holdings board on a reorganisation and refinancing (funded by Lloyds Bank) of a their business.