Successful exit for Finance Wales telecoms firm
Welsh Government investment arm Finance Wales has successfully exited Siphon, just two years after investing in the telecoms company.
The organisation has achieved a signiticant return in its equity investment in the firm. Siphon launched a £1.5 million funding round in March 2015 and has been bought by Nuvias Group.
Specialising in unified communications and cloud-based telephony for the B2B market, it used the Finance Wales deal as a way to recruit more staff and expand globally.
As well as receiving cash from Finance Wales, Siphon was also provided with ongoing business support and appointed a recommended technology-focused chair Shaun Davey.
“SIPHON quickly established a notable reputation for enabling customer-centric, unified communications solutions,” said investment executive Leanna Davies, who structured the deal on behalf of Finance Wales.
“We were able to provide the management team with support and equity investment at a crucial period of growth for the company, allowing them to accelerate their expansion in to a number of international markets.”
Jerry Mobbs, Finance Wales deputy portfolio manager, added: “We are delighted that Siphon has found a home within the Nuvias Group, where we have no doubt it will continue to flourish and we look forward to watching Siphon continue to grow under its new ownership.”
Paul Eccleston, CEO Nuvias Group, commended the company in a statement: “Siphon is a great business with an exceptional reputation in the UC market. Its focus on high level service and solutions capabilities for the channel is perfectly aligned with the Nuvias Group philosophy and strategy.
The company will operate from the same location, along with its current staff and management team. Steve Harris will remain as Siphon’s managing director too.
“We will protect what has already been built by Siphon,” added Eccleston. “We will enhance it through the other capabilities in the Nuvias Group, and we will expand it, taking it across EMEA.”
Steve Harris, managing director for Siphon Networks, said: “This is a great opportunity for Siphon staff, vendor partners and customers.
“It enables us to accelerate our growth plans and expand geographically in the UK and EMEA, as part of a much larger organisation, which shares our core beliefs and dedication to high service levels, and has the resources to help us realise our goals.”