Cloud specialist iPortalis strikes NorthEdge deal

A provider of cloud services which helps companies manage technology functions more efficiently has struck a multimillion pound investment deal with a leading mid-market private equity firm.
Sky News understands that iPortalis, which was formed from a 2016 merger, will announce next week that it has sold a large minority stake to NorthEdge Capital, which focuses on deals in the Midlands and north of England.
The deal will underline the growing appetite among private equity firms to invest in cloud specialists and the broader IT sector during a period of booming corporate demand.iPortalis provides cloud subscription management services to global enterprises, including unified billing and automated licence management software.Its main portal product helps IT teams to purchase, deploy and manage more than 30 applications from vendors including Cisco, Microsoft and Symantec.The terms of NorthEdge's investment are not expected to be disclosed.People close to the deal said the new funding would be used to drive further expansion of iPortalis's international client base, build new technology products and triple its workforce around the world.
John Hawkins, an experienced figure in the technology sector, will join iPortalis as non-executive chairman.It will be the first deal signed by NorthEdge's recently closed €120m fund targeting small and medium-sized companies.In total, the firm manages €650m and has invested in companies including Total Fitness, the gyms chain, and Ramsdens, the pawnbroker which is now listed on the London stock market.
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Neil May, iPortalis's chief executive, said: "The pressure is on global organisations to move their cloud strategies to the next level by creating greater value from their investments and using cloud as a key marketplace differentiator."It's a challenge that calls for a new mindset in the way that ICT [information and communications technology] services are purchased, deployed, measured and managed."
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