Onecom lands £30m package to fuel growth plans

Money from HSBC will be used to upgrade IT systems, invest in AI and increase resources, says comms VAR

Onecom has secured a finance package from HSBC to the tune of £30m in order to support its growth strategy.

The Hampshire-based comms VAR stated that the money would be used to upgrade its IT systems to prepare for future scaling, investing in artificial intelligence (AI) to assist customer service teams and increased resources at local and regional levels.

"This funding from HSBC UK recognises Onecom's huge potential for significant growth, building on our position as the UK's leader in business-to-business communications technology for the UK SME," stated Ben Dowd, Onecom CEO.

"Onecom's success to date is built on strong partnerships with global brands, outstanding customer relationships and the agility to expand through acquisition while nurturing and growing our established customer base.

"The funding from HSBC UK reinforces our commitment to achieving that growth while placing strong customer relationships and outstanding solutions at the heart of everything we do at a local, regional and national level."

Onecom ranked 50 in CRN's Top VARs 2018, generating revenues of £71m. Recent acquisitions include that of fellow Vodafone partner Evolve Telecom, as well as taking on the customer base of the now-liquidated True Telecom.

Anthony Reed, HSBC UK's head of corporate banking for Hampshire and Dorset, said: "As a forward-thinking leader in the telecoms industry, Onecom's investment in cutting-edge technology and dedication to delivering top-quality services for its customers creates a strong platform for growth.

"Our local team...has worked closely with Onecom to create a tailored finance package to best support its ambitious expansion strategy and we look forward to seeing its plans come to fruition."

The firm currently has offices in Cardiff, Belfast, Southampton, Plymouth, Leeds, Telford, Norwich and Brighton.