Maven Capital Partners invest £4.6m in IT services firm
Aberdeen-based private equity firm Maven Capital Partners is pumping £4.6m into a specialist IT services business in order to help it expand.
Maven said the investment would mean London-based ISN Solutions setting up a new office in Aberdeen.
ISN specialises in consultancy, project management and outsourced IT services to upstream oil and gas companies.
The firm generates annual sales of nearly £6m and currently employs about 50 staff.
Maven also announced that Tom Smith, who founded telecom systems integration firm Nessco, will join ISN as chairman.Growth plans
ISN managing director David Greenwood said: "We have ambitious growth plans for the business, which will be backed by the extensive experience and resources of Maven.
"We are delighted to welcome Tom Smith to the board and believe that his insight, network and track record of success within our sector will support the delivery of our development goals as we continue to evolve as a business."
In December Maven paid £5m for a majority stake in Aberdeenshire-based engineering and fabrication services company R&M Engineering.
R&M, which specialises in ongoing fabric maintenance for the oil and gas industry in the North Sea, is planning to move into new markets with a laser survey and scanning division, which will offer 3D surveys.