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Timico, a managed cloud services provider based in Nottinghamshire, has raised more than £50m from private equity firm Lyceum Capital.

Founded in 2004, the startup, which also has offices in Berkshire and London, offers managed IT and cloud solutions, consultancy, unified communications and mobile solutions to businesses.

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 has proven expertise in our sector and we share a very similar vision of Timico’s future within it.”

The firm says it will use the funding to accelerate growth by investing in systems, people and capability in order to establish itself as a market-leading IT and cloud provider.

“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 fulfill our ambition to become a market-leading, end-to-end provider of IT and cloud solutions,” Marnham added.

Additionally, Timico plans to use the funds to make selective acquisitions to bolster the company’s skills and expertise in key areas.

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,” he concluded.

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