Newcastle’s Atlas Cloud secure £1.5m from North East and London investors
The cloud computing specialists have attracted investment to continue growth and now plan to double their workforce.
Atlas Cloud has secured a £1.5m funding round from a group of investors that will see it double in size.
The Newcastle-based providers of hosted desktop technology – which allows users to remotely access their desktop – has attracted investment from London and closer to home in the North East. Chief executive officer Pete Watson said the firm now expected to double its 20-strong workforce.
The money will be used to develop Atlas Cloud’s platform and fuel research and development in its specialist area of cloud systems which allow businesses to promote flexible working.
Chief commercial officer Adam Waugh led the deal for Atlas Cloud.
He said: “This investment is supported by existing shareholders and new shareholders and will allow us to consolidate our growth and development across all areas of the business.
“The last few years has seen a change in the way technology is accessed, consumed and resourced in business and we’ve been working closely with clients to ensure their desktop and cloud solutions adapt to enable them to operate more efficiently and increase productivity while maintaining the highest levels of security and business continuity. It is now widely accepted that the days of companies owning their servers and keeping them at their offices is coming to an end.
“Atlas Cloud is the only hosted desktop specialist in the region whose sole raison d’être is to provide business systems securely anywhere, and this deal will enable us to further establish ourselves as the Managed service specialist of choice.”
The firm was supported by Chris McCourt of Newcastle accountants Tait Walker and Paul Wigham of Watson Burton.
Mr Wigham, an associate at Watson Burton, said: “Our technology team has worked with Atlas Cloud for more than a year now. We were very pleased to advise the company on this investment, which is an important strategic move, and one which no doubt will see Atlas Cloud position itself as one of the leading firms in this field.”
Mr Waugh added: “We have been well supported by our advisors as well as our investors as we closed this round of investment.
“This represents confidence in the strategy and management of the business, and of the skill-sets that the North East is able to offer in the IT sector.
“We are delighted to welcome IP Group, a leading technology investor and several London-based investors onto our shareholder list and also to receive continued support from Northstar Ventures.”
Pete Watson, chief executive officer of Atlas Cloud, said: “This investment comes as we are driving forward our platform development work, and expanding our research and development, creating responsive programmes and solutions to deal with the IT challenges our clients – both existing and pipeline – are facing.
“We will be continuing our investment in people and anticipate more than doubling our workforce as part of this investment as we continue to develop new products and services for clients to ensure the highest levels of collaboration, communication, disaster recovery and security are achieved for their data.”
“Atlas Cloud is at the leading edge of hosted desktop solutions, and it was a pleasure to work with Peter and the management team with raising the funds to push the business onto a new level.“
Corporate Finance Associate Partner, Tait Walker