Scottish IT and communications company Exsel Group has attracted £500,000 private equity backing which it says will secure 50 jobs at its Aberdeen and Glasgow offices.
The group said the funding from Coralinn LLP would also enable it to expand into Edinburgh.
Exsel managing director Tom McDonald said: “We are absolutely delighted to have secured this investment from Coralinn.
“As two strong Scottish businesses, it will be exciting to see what we can do together and where this investment will elevate us.”
Glasgow-based Exsel was ranked third among the UK’s fastest-growing technology companies in Deloitte’s Fast 50 last year and 19th on its Fast 500 EMEA (Europe, Middle East and Africa) list.
Its clients include the Institute of Chartered Accountants Scotland, Muir Construction, Scottish Futures Trust, Celtic FC and the SFA.
Hugh Stewart, managing partner at Coralinn, said they had taken a 45% stake in Exsel because it was a “dynamic young company which fitted the portfolio profile for Coralinn’s investments.”
Mr Stewart, who becomes Exsel’s new chairman, said: “Coralinn is about investing in people and companies that can provide unique solutions and services.
“Tom and his team have created a fast growing environment providing Scottish companies with a unique business model offering lower costs yet innovative solutions across a range of tech products and services.”
Exsel provides a range of IT and telecommunication solutions to companies of all sizes including business mobile phones, phone systems and hosted IT telephony, management of printing and photocopying solutions and IT support services including cloud-based solutions.
