ITS Technology Group secures £100m Series B investment from Aviva Investors to accelerate network rollout
Aviva Investors backed the wholesale full fibre provider to support the expansion of its Faster Britain networks.
ITS Technology Group designs, builds, and operates wholesale full fibre networks across business dense locations in the UK.
ITS Technology Group has secured £100m in Series B funding from existing backer Aviva Investors. The capital will support the continued rollout of the company's Faster Britain full fibre networks, aiming to reach 25% of UK business premises by the end of the year.
Since receiving initial backing from Aviva Investors in early 2020, ITS has expanded its network footprint and grown its indirect wholesale partner programme to over 300 resellers and service providers. The firm achieved year on year revenue triple growth and was EBITDA positive in fiscal year 2021.
Dow Schofield Watts served as financial advisor, RSM acted as tax advisor, and BDB Pitmans provided legal counsel for the transaction.
From the founder
"I am delighted to extend our partnership with Aviva Investors. We have made significant progress over the last two years, building a highly skilled team, scalable delivery capabilities, and creating a substantial full fibre footprint. This further commitment will enable us to continue to rollout our open access wholesale digital infrastructure at pace, giving more businesses access to the connectivity solutions they need to underpin their operations. ITS can now connect any business in the UK via our partnerships with key operators and using our own Faster Britain networks which we are continuing to build out across business dense locations in major towns and cities. We have also invested heavily in developing the systems that allow our partners to easily access high quality full fibre connectivity through our wholesale platform."
Daren Baythorpe
CEO at ITS Technology Group
Investor perspective
"We are very pleased to continue our relationship with ITS and to support the extended rollout of its fibre networks across the UK. There has been a huge structural shift in data usage in recent years which continues to accelerate, and the continued investment in digital connectivity is fundamental to supporting how society functions today and tomorrow. ITS has made significant progress and outlined a clear vision to address this need. Combined with a strong team and expertise, we think this presents a compelling investment opportunity and look forward to working in partnership with them."
Sean McLachlan
Senior Director, Infrastructure, Aviva Investors
Use of funds
- 01Build out infrastructure
Investors
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About the company
ITS Technology Group
Wholesale full fibre provider delivering Gigabit capable connectivity to UK businesses.