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23 Nov 2009
VAR Intrinsic Technology is in the process of securing venture capital backing to help it quadruple turnover to £100m over three years.
The Merseyside-based Cisco Premier partner is in talks with an unnamed investor who is set to take a majority stake in the firm before the end of the year. Intrinsic is shooting for a turnover of £24m-£26m this year.
Intrinsic founder Allan Gauld said: “There are only two companies that
are privately owned in the UK at this level and we felt it was a necessary
step to take us to the £100m mark and allow us to compete with industry giants
such as BT.
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“We have big plans for the business, and there will be further developments over the next year that will mean we are able to compete at the highest level for the biggest contracts.”
As a result of the shake up, Gauld will dilute his shareholding but will remain at the firm as chief executive. Intrinsic has recruited Mike Mason from systems integrator ABSNet to fill Gauld’s previous role as managing director.
Nick Grossman, corporate business development director at venture capital-backed reseller 2e2, said taking on VC money was a “well-trodden” route to growth, but that there were risks.
“To make this work it will need a strong and disciplined management approach to balance the demands of customers, market positioning and financial performance,” he said.
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