Private equity manager Maven Capital Partners has led a GBP4.6m investment in IT support and services business ISN Solutions.
Established as a start-up in 1999, the business now generates sales close to GBP6m through the provision of consultancy, project management and outsourced IT services to a niche client base operating in the upstream exploration and production (E&P) oil and gas sector.
Headquartered in London and employing around 50 people, ISN offers a range of IT services to its clients, from the day to day administration of outsourced systems, including remote monitoring and a service desk function, to much higher level strategic advisor and project management roles which often involve the design and installation of the entire ICT infrastructure.
To date ISN has predominately served clients based in London and South East England. However it will look to expand into Aberdeen’s lucrative market where Maven has a long track record of oil and gas investments.
Stella Panu, partner at Maven, says: “Maven Capital Partners is delighted to announce the completion of a strategic investment in London based ISN Solutions Ltd, a specialist IT services provider to the oil and gas sector. The ISN Solutions management led by David Greenwood has been hugely successful in growing the business over the past five years, and we look forward to working with the team to help them meet and exceed their ambitious plans for the future.”
David Greenwood, managing director at ISN, says: “It gives me enormous pleasure to be given the opportunity to enter into a long lasting partnership with Maven Capital Partners. Our association to date has been an extremely positive one and we are certain that together we have all the ingredients to achieve our growth ambitions. This is a significant milestone in the evolution of ISN and we very much look forward to beginning this new chapter in our development.”
