Status:

Current

Commitment:

£20m

Date of investment:

2021

Sector:

Technology Services

Buy & Build:

2 completed acquisitions

“Having founded Modern Networks and built it organically I wanted to accelerate our growth and acquire other businesses in our market. Horizon Capital were the natural choice for the next stage of our journey when from the very first meeting they quickly demonstrated their understanding of my ambition and our market. Their impressive track record of working with entrepreneurial founders like me and their focus on buy and build in the technology sector stood them apart from other potential investors.”

Matt ReeveFounder & CEO, Modern Networks

Background

Horizon Capital is a long term investor in the IT managed service market.  Recognising an opportunity to consolidate the fragmented IT Support and growing UC&C market we identified and first approached Modern Networks in 2019 and invested in 2021

Modern Networks provides IT Support, connectivity and communications in an easy to consume single solution to over 2,000 offices and shopping centres across the UK.  From its support centre in Hitchin the business delivers high quality 24/7 support to users.

The business operates within a large and highly fragmented market with significant potential for consolidation.

The Journey so far

At completion, Horizon Capital appointed an experienced Chairman together with a specialised Acquisitions Director both of whom we had successfully worked with before.

The enlarged management team are working together successfully both on the buy and build strategy but also on investing in the platform to ensure it can scale in the accelerated manner the ambitious plan calls for, this includes

  • Implementing Salesforce to manage the new business pipeline
  • Building a vertical go to market capability to enter additional sectors
  • Investing in systems to support the soon to be much larger business

Buy and Build

Ahead of completing the investment in Modern Networks the Horizon Capital team worked with management and experienced executives from the Horizon Capital network to build a comprehensive map of potential acquisition targets, fully aligned with the vision and businesses strategy.

We commenced an intensive programme of contacting in parallel with our diligence on Modern Networks in order to validate the thesis and strategy. As a result at the time of making the investment we already have several advanced conversations with acquisition targets including the first acquisition agreed and in diligence ensuring a swift start to the buy and build journey.

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