Mubasher: Investcorp, a global provider and manager of alternative investment products, announced on Tuesday that it has reached a deal to invest $20 million in Calligo Limited, a fast growing provider of cloud solutions focused on serving the global mid-tier enterprise segment.
The deal is expected to help in accelerating Calligo’s international expansion through establishing new offices in North America and the UK.
Calligo, established in 2012, provides a trusted cloud platform for hosting mid-tier enterprises, their data and applications, and services hundreds of clients all over the world from its locations in Jersey, Guernsey, Switzerland, Singapore and Bermuda, according to a bourse filing.
In the first nine months of 2016, Calligo recorded a year-on-year growth of 100% in its profits.
“The mid-tier enterprise segment is lagging behind in adopting cloud solutions. In our view, Calligo pairs an attractive market opportunity with a highly attractive product and a proven and experienced management team,” Mohammed Al-Shroogi, Co-CEO at Investcorp, said commenting on the investment.
“With our strong track record of working with fast-growing, founder-owned businesses in the technology space, we believe that we will be a valuable partner to the company as it continues to expand internationally, both organically and through targeted add-on acquisitions,” he added.
Julian Box, Chief Executive Officer, Calligo, said, “We are extremely pleased to have found the right partner in Investcorp during this exciting period of growth for the business. I believe Investcorp’s proven track record, global presence and extensive network will support the company’s continued international expansion and product innovation”.
“Our ability to attract this investment is a fantastic validation of the business we’ve managed to build so far and we believe the ongoing support from Investcorp will enable us to continue our exponential growth,” he added.
