The funding marks the company’s third large-scale investment in the last three years
Fibre network provider ITS Technology Group has announced it has secured £100 million of debt funding from global investment firm Avenue Capital Group, which it will use to accelerate its full-fibre network rollout across the UK.
Since 2020, ITS has secured two separate rounds of funding from investor Aviva Investors, totalling £145 million, which has allowed the firm to expand its 10Gpbs-capable XGS-PON fibre network to over 450,000 UK business premises.
ITS aims to pass one million premises within the next few years. According to the firm, they now operate over 80 networks across the UK.
“We’re really excited to welcome our new investor, Avenue Capital Group. This additional funding recognises the strength in our business plan as we continue to expand our network, as well as consider strategic acquisitions, as the fibre market adapts to changing technology and undergoes consolidation,” said ITS CEO Daren Baythorpe.
“Following last year’s follow-on investment from Aviva Investors and the acquisition of NextGenAccess, we have worked with our partners to drive connections with both businesses and with public sector organisations. In addition, we’ve had a strong focus on service, investing in systems and delivery to drive improved experience, providing agility and assurance alongside our business growth.”
“We’re delighted to be supporting ITS’ business-to-business fibre rollout in the UK. The company’s management team not only has very deep industry relationships to execute on their business plan, but it has also coupled it with a strong delivery track record. This funding fits well with our European strategy of investing in high quality companies with sustainable business models,” said Jonathan Ford, Head of Europe Strategy at Avenue Capital.
The funding may also be used to finance strategic M&A activity, as chatter around altnet consolidation around the UK continues.
In related news, this month ITS partnered with Evolve to help upgrade their GPON network to be 10Gbps capable. The firm claimed that the partnership will allow businesses to keep up with the ever-increasing demand for bandwidth-intensive technologies.
“Our partnership with ITS signals a new era of connectivity for the UK, bolstering the country with enhanced productivity, digital confidence, and efficiency. Key industries, including construction, retail, and fuel forecourts, stand to gain from the 10Gbps speeds made possible by this technology,” said Alan Stephenson-Brown, CEO of Evolve.
Hear more about the UK’s fibre rollout progress at next year’s Connected Britain, book discounted tickets now!