ITS Secures £2.4Million of Funding for Continuing High Growth
ITS Technology Group Ltd, one of the fastest growing altnets in the UK and the market leader in concession agreements, today announces the successful completion of a round of funding. This investment has come primarily from new shareholders in the business, with some conversion of existing shareholder loans into equity. These funds will enable ITS to continue their significant investment in their new urban concessions, expand their geographical reach across the UK and accelerate deployment to meet the exceptional market demand for their services.
Roy Shelton, CEO of ITS Technology Group said, “I am delighted by the continued support shown by our existing shareholders and thrilled to have attracted new private investors. This latest investment will be used to fund growth, including the expansion of the existing, new and national super and ultrafast networks currently in planning. This new round of funding will allow us to surge forward with our value proposition of creating networks for digitally deprived rural and urban areas. It also enables us to further develop our partner channel to provide robust and cost effective broadband and associated services on a wholesale basis.”
ITS has successfully won four concession agreements with local councils including London Borough of Hammersmith and Fulham, Bristol City Council and most recently Nottingham City Council, as well as the build of 17 business park and community networks.
Kevin Gaskell, ITS Technology Group’s newly appointed Chairman commented, “It is a very exciting time to be part of ITS, a company that has already shown great tenacity, drive and commitment to the delivery of broadband in underserved areas. This funding round is the next stage in the growth of the business and I look forward to being part of the growth of ITS as a world class service provider.”
ITS has been advised in this financing by Cameron Barney LLP.