Sector:

Technology Services

Investment year:

2017

In Horizon, we saw a team that truly understood our business as well as the sector dynamics and shared our view on future strategy.

Tim RadfordFounder

Business

Timico is a UK-wide Managed Cloud Service Provider (MCSP) with operations in Newark, Reading and London.

It delivers a comprehensive range of managed services including IT, hosting, network connectivity, mobile solutions and Unified Communications with full consultancy and professional services support.

Timico has annual revenues in excess of £50m pa with a core mid-market and enterprise base of 500 customers.  Over 85% of its revenues are recurring, based on 3-5 year contract terms.  It has grown substantially over the last 12 years and now employs over 300 people.  It has regularly featured as a Sunday Times Tech Track Fastest Growing Company.

Market

Timico has a large addressable market in the UK, estimated to be c.£19bn. Its growth is driven by the move from in-house and on premise provision to outsourced bundled solutions.  Customer spend in Timico’s core market is forecast to grow by 7-9% per annum, with high growth in cloud hosting, fully managed services and internet telephony.

Strategy

Through Horizon’s investment, Timico will:

  • Complete its transformation to become a consumption based provider of managed cloud services with strong organic growth and 20% EBITDA margins
  • Develop a fully integrated solution-led end to end service comprising of: Managed IT, Hosting and Connectivity
  • Develop its go-to-market strategy and sales capability to drive organic growth in fully bundled services in targeted vertical markets
  • Execute a targeted acquisition strategy to build and integrate deeper capabilities in security and data management
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