UKCloud acquired by private investment group led by its own chairman
The investment from Hadson 2 Limited will support the acceleration of its cloud platforms and products
UKCloud has been acquired by an investment firm led by its own chairman Jeff Thomas.
Hadson 2 Limited, an investment vehicle led by Thomas and supported by BGF Group and Digital Alpha, claims the investment will "facilitate the expansion of UKCloud's product portfolio via soon-to-be-announced strategic partnerships".
The MSP works with government bodies across several sectors - including central and local government, health, education and defence and has been looking for further investment after reporting a loss of £17.4m for the year ending 31 March 2020.
"UKCloud has long been a market leader in the delivery of sovereign, secure cloud technologies to public sector organisations spanning government, health and defence - and today marks the beginning of a new, ambitious strategic vision," Thomas said.
"The funding provides a strong foundation on which to assemble a portfolio of innovative businesses promoting the ethical and sustainable use of data to drive positive change in our communities and economy.
"Organisations and governments increasingly share a belief in these crucial outcomes and I am deeply excited to unveil more information about our growth plans and new direction in the very near future."
The acquisition will also support "the accelerated development of its platform, and provide sustainable high skill, high wage jobs to the benefit of the UK's economy, society and environment", UK Cloud says.
Hadson 2 Limited plans to accelerate the growth of the UKCloudX and UKCloud Health brands and also undertake a recruitment drive "to fill a range of new positions".
"This investment is a significant milestone for UKCloud, funding the business through to profitability and accelerating the development of industry leading capabilities to help organisations of all sizes embrace the obvious benefits of cloud and digital transformation," CEO Simon Hansford said.