ITS Technology Group secures further £2.4 million funding for expansion

Wednesday, September 21st 2016

The ITS Technology Group, one of the fastest growing altnets, has been rolling out a mix of ultrafast fibre and wireless broadband networks across the UK. The group has now secured another investment of £2.4 million, in order to support further expansion and new urban concession agreements.

Most of the investment has come actually from the new shareholders, as well as some conversion of loans into equity from existing shareholders. Cameron Barney LLP are advisors to ITS in this financing. The ITS Group has also been able to win several concession agreements with local authorities, such as most recent one with Nottingham City Council, plus 12 business parks and community networks.

The funds will help ITS to continue investing into new urban concessions, expand reach across the country and accelerate network deployment, so as to meet surging market demand for their services. CEO of ITS Technology Group, Roy Shelton, said he was delighted with the support shown by existing shareholders and new private investors. The funding will allow them to surge forward with their proposition of creating networks for digitally deprived urban and rural areas, he added. The new chairman of ITS Technology Group, Kevin Gaskell, said the funding is in the next stage of growth and he looks forward to be part of ITS's growth as a world class service provider.

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