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Stockton Firm Onyx Secures £250,000 Cash Boost
Inward Investment
Monday 4th October
FAST-growing technology firm Onyx - the current Journal North Business of the Year - has secured a £250,000 cash boost to support its growth and development.
The new investment will allow it to improve its cloud computing capabilities and has been provided from the North East Technology Fund, one of the five funds making up the £15m Finance For Business North East fund.
Cloud computing is transforming the way businesses operate and communicate. The cloud offers a new way of computing via the internet, on demand from data centres that broadly share computer resources instead of using software or storage on a local PC.
The investment, through the IP Group, is being used to grow the OnyxCloud asset, increasing its capabilities, resilience and market presence in a competitive marketplace.
Neil Stephenson, CEO of Onyx Group, said: “A lot of IT providers have a cloud offering, in fact it is common these days for technology firms like ourselves to provide such solutions.
“What differentiates us is that we offer a complete package – we can also provide access to the physical infrastructure that secures our customers’ data and protects their businesses.
“We welcomed the approach from the IP Group team who, as managers of the North East Technology Fund, will work with us to develop our offer.
“The whole process, from application to completion of the deal, has been very straight-forward. IP Group’s involvement is testament to the hard work of the Onyx team, who have been working tirelessly to develop a robust and resilient portfolio of services.”
Ian Wilson, investment manager at IP Group, said: “Onyx has been developing its cloud capability for a number of years now and has strengthened every aspect of its offering, consolidating it and ensuring best practice across every element of its operation.
“With Onyx’s expertise, commercial acumen and such a compelling product, we are confident we will get a good return from our investment into OnyxCloud and hope that other mature technology businesses will be encouraged to find out more about how we could help them too.”
Onyx recently unveiled plans to set up its first international office in New York and increase annual sales from £12m to £20m. And last month it won what it described as a “transformational” contract with part of the giant Balfour Beatty construction group.
The Stockton-based firm will supply IT services to Balfour Beatty Engineering Services (BBES), headquartered at Hillington near Glasgow, through an IT helpdesk which will work with BBES staff UK-wide.
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