BGF exits investment in Olive Communications
BGF has announced the exit of its investment in Olive Communications, the Buckinghamshire-based managed cloud communications provider.
The business has been acquired by competitor Onecom, in a move which will create the largest business-to-business mobile, fixed-line and cloud specialist in the UK.
BGF has announced the successful exit of its investment in Olive Communications, the Buckinghamshire-based managed cloud communications provider, following its acquisition by Onecom.
BGF invested £10 million of growth capital into Olive in 2016, which helped the business grow to more than £31 million in annual revenue, pivoting its proposition in 2014 from being “mobile only” to become the UK’s leading cloud communications provider. During this period Olive Communications has become one of Vodafone’s most successful strategic partners and in 2020 it was recognised as Vodafone’s Innovation Partner of the Year.
BGF’s funding package was also used to expand its customer base and further develop the range of services available to existing clients. The business also grew its 150 strong team with significant appointments across the team. Olive’s Chief Executive, Martin Flick, has been appointed CEO of Onecom Group.
Matthew Simcox, investor at BGF, said: “This is a fantastic result for Olive and BGF. We backed Olive in 2016 and over the last five years, the business has continued to build on its mobile heritage and become a market leader in cloud communications. We wish Martin Flick and his team all the best on their future journey.”
Martin Flick, CEO of Onecom Group, added: “Our ultimate objective this year is to help our customers continue to navigate the pandemic, and to be market-ready to transform, adapt and evolve their businesses with innovative cloud communications technologies that will empower UK PLC. BGF has been an excellent partner to the business, and we are now delighted to move on to the next stage with Onecom.”
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