Pragma Group has secured a £7.5m growth loan from the alternative lender BOOST&Co. The investment will be used to support the acquisition of Techland by Pragma Group, with either firm merging under the EnableX Group banner.
EnableX Group will support more than 250 resellers and vendor partnerships with global leaders including Ericsson-LG, Ribbon and SoConnect. The Group will continue to deliver focused support and a reseller-centric service model via its three go-to-market brands: Pragma, Candio and Techland, under the new holding company EnableX Group.
Founded 10 years ago, Pragma Group is a cloud service provider that specialises in supplying company communication services to the UK market. Pragma Group is also the winner of multiple Ericsson awards such as the 2022 Technical Team of the Year and 2022 Cloud Partner of the Year.
The funding from BOOST&Co will present opportunities for both Pragma and Techland to grow significantly, as each organisation capitalises on synergies across their operations, including an expanded reseller network and an offering of complementary services. The partial management buy-out of Pragma also welcomes new members to the management team that will drive the firm’s ambitious growth plans.
The new Group will be led by Will Morey as Chief Executive and Dean Mayer as Chief Financial Officer. Tim Brooks will continue to be a key part of the leadership team, supporting the ongoing growth of the business as Commercial Director.
BOOST&Co has chosen to work with Pragma due to the growing market in which the firm operates and the experienced management team that will help the organisation to accelerate its growth.
Will Morey, Chief Executive at the Pragma Group says: “The support from BOOST&Co has been instrumental in our management buyout and has opened many doors for the future of the group. The speed and efficiency of the deal reflected our own growth plans and BOOST&Co were on-hand to support us through the entire process.
“Growth is certainly a top priority for us at this point in time. That is why we’re pleased to have secured this investment, giving us the tools we need to capitalise on the markets available to both Pragma and Techland.”
Ryan Sorby, the Head of North and Scotland at BOOST&Co says: “It is great to be involved in this transaction and support the team with their ambitions. The combined business has an immediate gain in terms of leadership, product offering and infrastructure. Working with the new management team was a fantastic experience and I look forward to watching them grow the combined business over the coming years.”