Bristol international edge computing provider secures PE investment
Fast growing edge computing provider StorMagic has secured major investment from Palatine Growth Credit Fund from its maiden Growth Credit Fund.
The deal, which follows the fund’s final close in May, will support growth at the Bristol-headquartered business which enables organisations of all types and sizes to store, protect and manage their data at and from the edge (Editor: not entirely sure what that means, but I guess computer whizzes will).
Palatine believes StorMagic is well-suited to capitalise on new market conditions and the fund has invested in StorMagic aiming to accelerate its growth.
Founded in 2006, StorMagic has thousands of clients around the world and has offices in the USA and Canada.
The Palatine Growth Credit Fund has been raised to support maturing, high growth companies in the UK regions which are seeing strong year-on-year revenue growth.
The Fund lends to companies in the cyber, fintech, SaaS, healthtech, medtech, AI and advanced manufacturing sectors in the UK's burgeoning technology ecosystems.
Will Chappel said “We are thrilled to have reached the successful final close of the Growth Credit Fund and to now be supporting those UK regions which have been historically underserved in this asset class.
“StorMagic is a fantastic business with a meaningful USP and an impressive international client base. Having followed the business’ growth closely for some time, we are excited to welcome a best-in-class edge computing provider to the Fund at a time when innovative, secure and fast connectivity is becoming a business-critical factor for many organisations.”
Dan Beer, Chief Executive Officer at StorMagic, said: “StorMagic is thrilled to have Palatine’s support as the company recently entered a new market segment with the introduction of SvHCI. Since Broadcom’s acquisition of VMware, edge and SMB customers have seen massive price increases and many are looking for alternative solutions to help them run on-site applications reliably while reducing costs. SvHCI is the ideal replacement solution and can save SMBs and edge customers up to 62% over VMware alternatives.”
