Monday 22 July 2019 3:44 pm

Onecom bags £100m in funding as it eyes up future acquisitions

UK telecoms firm Onecom has secured £100m to help fund future acquisitions as it looks to beef up its presence across the country.

The independent business telecoms provider said it has raised the funds from private equity firm LDC and credit funds managed by an affiliate of US asset manager Ares.

Read more: Vodafone taps up Onecom for partner deal

Onecom, which currently manages nearly 100,000 business customers, said the backing will help support a growth programme over the next five years as the firm looks to cash in on expanded digital infrastructure for 5G and full-fibre broadband.

“I am delighted that LDC have backed the Onecom management team to pursue our growth strategy over the next few years,” said chief executive Ben Dowd.

“We have worked very closely with LDC over the last few months and they share the same level of ambition as we do.”

The Hampshire-headquartered firm also named telecoms veteran Mark Thompson as its new chairman. Thompson previously served as chief executive of IT service provider Easynet.

Onecom has enjoyed a period of rapid growth, doubling its revenue over the last five years and increasing its headcount to 400 employees.

The company counts Samsung and Apple among its partners, and last month signed a five-year deal with Vodafone worth £600m.

Read more: BT to move headquarters to new City location by end of 2021

Yann Souillard, LDC’s London head, said: “The role of communications in driving business growth and productivity is well-understood. 

“Onecom occupies a unique position in the business telecommunications market, offering a truly converged solution with the market’s leading operators and equipment manufacturers.”

Main image credit: Getty