A fast-growing Bristol edge computing provider has secured major investment from Manchester-based mid-market private equity investor Palatine. StorMagic, which is based at Aztec West, will use the cash injection to accelerate its growth.
The transaction - the details of which have not been disclosed - was the first through Palatine's new Growth Credit Fund. The fund was established to support 海角视频 cyber, tech, AI and advanced manufacturing firms experiencing strong year-on-year revenue growth. The deal follows the fund鈥檚 final close in May.
Palatine's head of growth credit, Will Chappel, said 鈥淲e are thrilled to have reached the successful final close of the Growth Credit Fund and to now be supporting those 海角视频 regions which have been historically underserved in this asset class.
鈥淪torMagic is a fantastic business with a meaningful USP and an impressive international client base. Having followed the business鈥 growth closely for some time, we are excited to welcome a best-in-class edge computing provider to the fund at a time when innovative, secure and fast connectivity is becoming a business-critical factor for many organisations.鈥
StorMagic was founded in 2006 and helps organisations store, protect, and manage data. The business has thousands of clients around the world and offices in the US and Canada.
Dan Beer, chief executive of StorMagic, said: 鈥淪torMagic is thrilled to have Palatine鈥檚 support as the company recently entered a new market segment with the introduction of [full-stack software service] SvHCI."
In February, Palatine Growth Credit appointed venture debt professional Ryan Sorby as partner and head of the North, joining Mr Chappel and non-executive chair Neil Pitcher, the former chief executive of European Venture Partners (now Kreos Capital).
Palatine Growth Credit sits alongside Palatine鈥檚 established buyout and impact private equity funds.
