The specialist in end-to-end managed network and IT solutions has received the new funding from the growth capital investor following four years of growth.
Evolve has grown its headcount from 23 in 2020 to 117, as well as delivering turnover of £6.8 million four years ago to a target of £20 million this year. The company added that it expects to double turnover in the next three years.
The Wigan-based company was founded in 2005 and manages technology services for customers in sectors including retail, hospitality, food-to-go (FTG) and petroleum franchises.
The funding from BGF will allow the business to implement expansion plans, with a particular focus on growth in the United States and the creation of a new warehouse in Wigan.
Alan Stephenson-Brown, CEO, Evolve (pictured above, centre, alongside his team), said, “Today’s announcement marks a pivotal moment in Evolve’s journey. The investment from BGF is not just a testament to our robust growth and the confidence of our investors, it’s also a strategic step forward in advancing our mission to innovate in our industry and take the pain out of connectivity for our customers.
“We are excited about the opportunities this investment will unlock and remain committed to delivering unparalleled value to our stakeholders.”
As part of the investment, Adrian Thirkill will join the board as non-executive chair. Thirkill was formerly the CEO of GCI, one of the UK’s largest privately-owned ICT service providers and a company that previously received BGF investment. He will bring sector and strategic experience to the board.
Pinesh Mehta, investor, BGF, added, “Evolve has a strong track record of achieving top line growth through a loyal and longstanding customer base that spans 10 countries, with over 6,000 sites now managed by the business across the globe.
“That strength and depth, in both proposition and presence, is driven by a highly experienced management team who have the experience to a scale a business in a robust marketplace that has significant potential.”