Outsourcery raises Â£1m
Manchester cloud computing group Outsourcery has secured a £1m investment from a London-based group.
Encore Capital, an investment firm focused on backing entrepreneurial growth businesses, has, is to invest the funds through the purchase of new shares in the company.
It will subscribe for 5 million new ordinary shares in Outsourcery, representing 10.6 per cent of the total share capital of the business.
The funds invested by Encore will give Outsourcery greater options to pursue and accelerate its growth, the company said.
Outsourcery non-executive chairman Ken Olisa said: "I am pleased to welcome Encore to the Outsourcery share register as an investor with a strong track record of recognising and working collaboratively to grow high potential businesses.
"Their investment builds upon the stronger financial platform laid down in August to give us additional financial firepower to take advantage of the position which we have established in the emerging cloud services market."