Wiltshire-based Vysiion Group has been acquired.
The communications infrastructure and outsourced IT service provider has been taken over by Exponential-e, a cloud, network and unified communications company.
The deal sees the exit of prominent investor BGF – which invested £4m in 2015 – from its minority stake.
Within five years the firm’s revenue and EBITDA have more than doubled.
Founder Bruce Brain said: “The investment and support from BGF over the last five years has been instrumental in the development of Vysiion, and today’s acquisition by Exponential-e will see the business well placed to further build upon its strategy of utilising its strong reputation within the Utilities market of delivering and supporting Critical National Infrastructure (CNI).
“I’m very proud of the achievements of this team and I know they will go from strength to strength.”
James Austin, an investor at BGF, who will step down from the board of Vysiion Group, said: “In Vysiion Group we found a differentiated mid-market player with deep expertise in outsourced cloud services.
“BGF has delivered a money multiple of c.3x and a strong return for all shareholders. We supported Bruce and team in their first external acquisition creating a group with unique capabilities. Our patient and flexible approach has helped to achieve another milestone in Vysiion’s journey, and it goes to a great home.”