MXC Capital Limited (LON: MXCP), the technology focused adviser and investor, has today announced that it has made a further investment into MXLG Acquisitions Limited, its joint venture with Liberty Global Europe 2 Limited (a wholly owned subsidiary of Liberty Global plc).
The Investment has enabled MXLG to complete the acquisitions of Koris Communications Group Limited and 365 ITMS Limited which represent the second and third acquisitions in MXLG’s stated strategy of building an IT services business of scale targeting the UK SME market.
Koris is a managed communications provider offering on-premise, hybrid, private cloud and cloud solutions with a specialist focus on Mitel telephony and Skype for Business solutions.
365 is an IT services company providing networking, unified communications and IT security services.
MXLG has financed the Acquisitions with funds from a senior debt facility with The Royal Bank of Scotland and equity injections from its shareholders.
MXC Capital Limited, together with a co-investor, have each made an equity investment of £1.225 million into MXC JV Limited to part fund the Acquisitions.
Following the Investment, MXC continues to hold 100% of the voting rights of MXCJV and continues to own 50% of its issued share capital. MXCJV holds 50% of the issued share capital of MXLG with LGE2 owning the remaining 50%.
