Exsel Group has won backing worth half a million pounds from private equity company Coralinn LLP. The investment secures around 50 jobs in Glasgow and Aberdeen and will allow plans for further expansion in Edinburgh to go ahead.
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.”
Exsel, which is headquartered at the CityPark offices in Glasgow, 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.
Hugh Stewart OBE, 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.
Hugh, 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.”
Two years ago it employed just three people and had a turnover of £100,000. That rose to £2.7million in the financial year to last March and is expected to reach more than £4m next month.
Tom said: “Coralinn were hugely impressed by the growth Exsel group has shown over the past three years and together we are now making plans for new geographical locations and products for the business community.
“Coralinn and Hugh have an excellent track record of scaling business and bring not just finance but a whole new level of expertise to the Exsel Group board.”
“We aim to be seen as the leading force in bringing new and innovative technologies to the Scottish market place and beyond while maintaining our business ethos of ‘Making IT Easy’.”
Hugh added: “At Coralinn we have a track record of helping companies to grow fast within the UK but also internationally and to develop management teams. With this investment and support we believe Exsel will continue to be one of the fastest growing IT and communications companies in Scotland.”