Glasgow-based technology solutions provider Kube Networks (KubeNet), which specialises in managed IT and infrastructure services, cloud solutions, connectivity, voice, and cybersecurity, has secured £2.25 million in funding from Scots private equity firm Maven.

The funding, provided via Maven Investor Partners, the firm’s private equity co-investment network, has been made to support KubeNet’s growth plans, which include organic expansion and a targeted buy-and-build strategy.

A first bolt-on acquisition is expected to complete in the coming weeks, providing an immediate increase in scale and offering “significant synergy potential.”

Founded in 2012, KubeNet has established itself as a trusted technology provider for a range of UK and global clients, and is an accredited partner of Cisco, Microsoft, and Datto.

The Glasgow-based company offers a suite of IT and infrastructure managed services, including owning and operating an advanced next-generation network offering clients high-speed internet services.

The investment in KubeNet follows a 27% increase in revenues over the past two years, driven by an expanding customer base and increased upselling opportunities.

“Partnering with Maven marks a significant milestone for KubeNet and we are excited to work with a private equity firm that shares our vision and importantly, understands our sector,” said Fraser Ferguson, managing director at KubeNet.

“At KubeNet we have a clear M&A strategy to align with our current organic growth, and this investment will accelerate our ambitious growth plans and further scale our proven and innovative solutions to a wider UK market.”

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Andrew Muirhead, senior investment manager at Maven, added: “We are delighted to have secured this off-market opportunity for our investors, backing a well-established, profitable business with increasing levels of contracted revenues and operating in a market that is forecast for long-term growth.

“We have been impressed by managements’ plans for scaling the business, which includes a strong acquisition pipeline of highly complementary businesses that will expand its service capabilities, achieve operational efficiencies, and ultimately accelerate growth.”