Palatine backs Bristol edge computing firm
A FAST-growing Bristol edge computing provider has secured major investment from Manchester-based mid-market private equity investor Palatine.
StorMagic, which is based at Aztec West, will use the cash injection to accelerate its growth.
The transaction – the details of which have not been disclosed – was the first through Palatine’s new Growth Credit Fund.
The fund was established to support UK cyber, tech, AI and advanced manufacturing firms experiencing strong year-on-year revenue growth. The deal follows the fund’s final close in May. Palatine’s head of growth credit, 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-inclass edge computing provider to the fund at a time when innovative, secure and fast connectivity is becoming a business-critical factor for many organisations.”
StorMagic was founded in 2006 and helps organisations store, protect, and manage data. The business has thousands of clients around the world and offices in the US and Canada.
Dan Beer, chief executive of StorMagic, said: “StorMagic is thrilled to have Palatine’s support as the company recently entered a new market segment with the introduction of [full-stack software service] SvHCI.”