VectorCloud secures six-figure funding package from UK Steel Enterprise

Lanarkshire-based IT firm VectorCloud has secured a six-figure funding package from UK Steel Enterprise (UKSE)  to help the business expand further.

VectorCloud secures six-figure funding package from UK Steel Enterprise

Kevin Mitchell and Terry Quinn

The firm has used the investment to acquire the IT service division of another local business, substantially boosting its client base.

VectorCloud was established in 1997 and currently employs nine members of staff, working with small to medium-sized businesses in a range of sectors, including financial services, manufacturing, retail and healthcare.

The firm also has customers in transport, telecommunications and utilitiess.

In return for the funding, UKSE has taken a 10% equity stake in the business. In 2019 supported VectorCloud with funding to undertake a management buyout.

Kevin Mitchell, co-owner at VectorCloud, said: “With UKSE’s support, we have completed our first acquisition and are the strongest we have ever been - we look forward to engaging with our new clients and providing them with the IT services they all need to thrive.”

Terry Quinn, UKSE regional executive, added: “VectorCloud is an ambitious, well-managed business in a key sector for the Scottish economy. We’re proud to help it progress and expand.”

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