IT support business VectorCloud is launching a recruitment drive after a five-figure funding deal allowed its management team to acquire a majority stake.
The Motherwell firm, which specialises in services including information security, disaster recovery and business continuity, has agreed the five-figure loan from UKSE , a subsidiary of Tata Steel.
Under the deal UKSE (UK Steel Enterprise) has also invested to take a 10% stake in the business which is looking to increase its workforce by around 20%.
VectorCloud was established in 1997 and works with SMEs across the central belt.
Kevin Mitchell, joint owner at VectorCloud, said: “UKSE’s help has allowed us to plan growth for the organisation. It’s fantastic that we can add to our team of experts immediately which will, in turn, make us a stronger company.
UKSE supports businesses in areas affected by changes in the steel industry.
Scott Webb, regional executive for the investor, said: “The team at VectorCloud are experts in their field and we are proud to show our support. We’re looking forward to seeing how they progress over the years to come.”
