Fri, 15 Apr 2022 | BUSINESS SALE
The takeover of multi-cloud firm UKCloud by investment vehicle Hadston 2 Limited has been cleared for completion after receiving approval under the government’s National Security and Investment Act.
The National Security and Investment Act scrutinises certain types of transactions with potential national security implications or that take place in sectors designated as being strategically important to UK national security, in this instance the cloud sector.
The Secretary of State for Business, Energy and Industrial Strategy (BEIS) confirmed that the takeover of UKCloud has been approved, meaning that the target company can receive substantial investment from new owner Hadston 2 Limited.
Hadston 2 Limited is led by UKCloud Chairman Jeff Thomas, with the backing of institutional investors, including Digital Alpha and the Business Growth Fund (BGF). Investment from Hadston 2 Limited will strengthen UKCloud’s financial position, while enabling it to proceed with its strategic plan.
UKCloud is planning to expand its product portfolio, through enhancements of its services and platform, as well as investment in people. The company will also seek to deepen key strategic relationships, enabling the company to increase its focus on sovereign cloud services while securing closer partnerships with leaders in the global tech sector.
UKCloud CEO Simon Hansford commented: “UKCloud has an exciting and vibrant future, embracing a new strategic direction, engaging collaboratively with globally recognised technology companies to deliver first-class client solutions to our UK customers.”
“UKCloud will be making significant investments in its platform, services and people over the coming months following the approval of funding under the National Security & Investment Act."
Read more about the potential M&A implications of the National Security and Investment Act.
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