The Company and Our Investment
In March 2010, Octopus invested £2 million from the £30 million Octopus Capital for Enterprise Fund (OCfE) into BOX-IT, a UK wide document storage business. The investment will support the merger with Stortext FM Limited, a specialist electronic archiving and workflow solution company, to create a "one-stop-shop" provider of document management solutions in the UK.
BOX-IT is a growing physical document storage business serving the whole of the UK from its Winchester base and through an established network of franchise operations. The merger with Stortext, will benefit from the cross-selling of integrated services to both existing and new customers, accelerating the growth potential. The enlarged group is well placed in this growing market, driven by the need for customers to increase efficiencies, drive down costs and comply with increasing regulation.
The transaction was supported by debt funding from HSBC, Southampton.
"This investment is great news for BOX-IT and Stortext FM, facilitating a transformational step for both businesses. Benefitting from the experience of a combined management team, we are working hard to ensure an efficient and smooth integration and are excited about the growth opportunities ahead of us."
Simon Ellis, Managing Director of Box-IT
