BGF backs public sector savings in IT
UKCloud is an IT company started six years ago, at a time when innovations in technology offered cost-saving opportunities for the public sector.
Cloud computing for the public sector meant that government departments and local authorities no longer had to run costly servers around the clock. They could now rent servers from UKCloud when they had more demand from within their departments – for example HMRC need more capacity for processing personal tax self-assessment forms in January and July.
While UKCloud was below the usual company turnover threshold for BGF three years ago, investor James Austin was struck by UKCloud’s calibre of partners; the quality of the management team, and the fact the model was incredibly scalable. For these three reasons BGF has invested £10.6m so far in UKCloud, having first invested £4m in April 2014.
BGF investor James Austin and UKCloud chief executive Simon Hansford tell the story of one of the country’s fastest-growing tech companies to David Clensy of the Bristol Post.
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