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Telecoms firm given £100m investment boost

One of the UK's largest telecommunications providers has secured £100m in funding.

Onecom, which has an office in Belfast, manages nearly 100,000 business customers and has partnerships with firms including Apple and Samsung.

It has secured the £100m package from mid-market private equity firm LDC and credit funds managed by an affiliate of Ares Management Corporation to help support its growth.

The business, headquartered in Hampshire, has also doubled its revenues over the last five years and announced a five-year deal with Vodafone worth up to £600m in revenue.

Led by chief executive Ben Dowd, the investment from LDC will be used to help meet growth plans over the next three to five years.

Onecom also expects to increase its workforce "substantially" and invest in systems and processes that "ready the business for scale, and make acquisitions".

The deal comes as the company announces Mark Thompson as its chairman.

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Mr Dowd said: "I am delighted that LDC have backed the Onecom management team to pursue our growth strategy over the next few years. We have worked very closely with LDC over the last few months and they share the same level of ambition as we do.

"This investment will help accelerate Onecom's growth organically and inorganically. The opportunities that exist for Onecom are significant both from a partnership and an acquisitive perspective."