UKFast is eyeing up potential acquisition targets in order to better compete with rich US rivals after securing a £40m fund from the Royal Bank of Scotland (RBS).
The Manchester firm has drawn down £30m of the fund immediately, with the option to access the remaining £10m in the future.
Last month, UKFast announced that in 2015, sales had risen 18 per cent annually to £34.3m. The firm has focused heavily on organic growth in the past, but now, with the help of the new fund, CEO Lawrence Jones is eyeing up acquisitions.
"I am excited about the opportunity to make some acquisitions to help bolster growth and add capabilities and also grow our customer base," he said.
"There are fast-growing US organisations in our market with very deep pockets. We aren't going to sit back and watch them take over. We know the areas our clients want us to develop in and we are responding to their demands.
"I want to be stretched as a businessperson and CEO, always looking to learn and develop. I have watched many businesses grow through acquisition in our space and I am excited by the challenges ahead."
Last week, Jones spoke out about the Privacy Shield – the regulations concerning transatlantic data transfer which are currently being negotiated. He said he is "dead against" the new plans, claiming they do not go far enough to protect local citizens' data.
Yesterday UKFast released details of a survey it carried out which found that almost half (47 per cent) of respondents are unsure of where their data is being held geographically. More than half (54 per cent) didn't even know that Safe Harbour, which Privacy Shield replaces, was invalidated.
Pictured: UKFast's Jones with Stephen Lewis, regional director of corporate banking at RBS.
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