Successful exit for Finance Wales from SIPHON
Finance Wales has exited SIPHON less than two years after
investing in the company. They have achieved a significant multiple
on their equity investment in the firm, which received a
£1.5million round as recently as March 2015. The company has been
bought by the Nuvias Group (backed by Rigby Private Equity).
Welsh start-up SIPHON specialises in unified communications and
cloud-based telephony solutions for the B2B market. The company
used the Finance Wales deal to recruit additional staff and expand
in to international markets.
As part of their investment Finance Wales appointed an experienced
technology-focused Chair, Shaun Davey to the board of SIPHON.
“SIPHON quickly established a notable reputation for enabling
customer-centric, unified communications solutions,” explained
Investment Executive Leanna Davies who structured the deal on
behalf of Finance Wales. “We were able to provide the management
team with support and equity investment at a crucial period of
growth for the company, allowing them to accelerate their expansion
in to a number of international markets.”
Jerry Mobbs Finance Wales Deputy Portfolio Manager added: “We
are delighted that SIPHON has found a home within the Nuvias Group,
where we have no doubt it will continue to flourish and we look
forward to watching Siphon continue to grow under its new
Paul Eccleston, CEO Nuvias Group, said: "SIPHON is a great
business with an exceptional reputation in the UC market. Its focus
on high level service and solutions capabilities for the channel is
perfectly aligned with the Nuvias Group philosophy and strategy.
SIPHON is also highly complementary to the cyber security, advanced
networking and UC capabilities of Wick Hill and Zycko, the existing
businesses in the Group.
SIPHON will continue to operate from the same location, with the
same staff and the same management team, led by Steve Harris, who
will remain as managing director. "We will protect what has already
been built by SIPHON," added Eccleston. "We will enhance it through
the other capabilities in the Nuvias Group, and we will expand it,
taking it across EMEA."
Steve Harris, managing director for SIPHON Networks, said: "This
is a great opportunity for SIPHON staff, vendor partners and
customers. It enables us to accelerate our growth plans and expand
geographically in the UK and EMEA, as part of a much larger
organisation, which shares our core beliefs and dedication to high
service levels, and has the resources to help us realise our