Timico Technology Group has secured more than £50m in investment from Lyceum Capital to fulfill its long term strategic objectives. Lyceum Capital is now the majority shareholder in Timico.
The new funds will provide the necessary funds to finance selective acquisitions designed to bolster Timico’s skills and expertise in key areas and bring additional strategic service capability to the company.
As part of the tie-up, Timico will add to its senior line-up, with Simon Hitchcock and Geoff Neville of Lyceum joining as new non-executive directors. Timico’s founder, Tim Radford, will remain on the board as a non-executive director.
Since joining the business last September, Ben Marnham, Timico’s CEO has led a programme of change to re-structure the business around a single Timico brand and service model.
Alongside the injection of private equity investment, Ben and other key members of the management team have invested in a share of the company.
Ben Marnham, CEO of Timico commented: “Working with Lyceum Capital is a logical next step in Timico’s evolution, building on the foundations laid by Tim Radford and the team over the last few years. Lyceum have proven expertise in our sector and we share a very similar vision of Timico’s future within it. I am delighted we can now realise our plan to enrich our proposition and service portfolio so we can better serve our clients’ needs and fulfil our ambition to become a market-leading, end-to-end provider of IT and cloud solutions.”
Simon Hitchcock, Partner at Lyceum Capital said: “Timico is led by a highly capable and impressive team, with a very well-defined strategy to take the business to the next stage in its development as a Managed Cloud Service Provider. It is clear that its clients, many of whom are long-standing, are firmly at the centre of its plans and can look forward to a very rewarding relationship with the business moving forward. We are delighted to be supporting Ben and the team through this next, exciting stage of acquisitive growth.”
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