A telecoms provider has secured a new funding package worth up to £16 million to support an acquisition and help it deliver improved connectivity services to more than 800,000 organisations across the UK.
Shirley-based Convergence Group, which works with businesses, health authorities and retailers, obtained an initial £8 million revolving credit facility from NatWest to expand its offer.
The funding has also enabled the company to buy Oxfordshire-based LAN3 which provides wired and wireless network services to clients in sectors such as education, healthcare and retail.
As part of the deal with NatWest, Convergence Group will have access to an additional £8 million to support its buy-and-build strategy which will support continued innovation and future acquisitions.
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Convergence was founded in 2004 and provides network services and business connectivity, working with major organisations across the UK in both the public and private sectors.
Managing director Danny Masters said: “In the current climate, our reliance on connectivity is critical, especially with so many businesses working remotely.
“With this comes a new set of corporate work challenges as businesses look for secure and efficient connectivity services to support their hybrid working models.
“The support of NatWest will go a long way towards helping us deliver on these aims, allowing us to continue to disrupt the market with our forward-thinking methods and enabling our customers to decide what they need for their business.”
Duncan Todd, relationship director in the West Midlands corporate team at NatWest, added: “I’m delighted that NatWest’s technology, media and telecoms sector proposition has yet again been able to support a successful, local business to scale up its offering.
“I’m confident they will continue to build upon their highly sought-after services to help businesses with their connectivity needs and deliver an essential service to businesses up and down the country.”