(London) – Aviva Investors, the global asset management business of Aviva plc (‘Aviva’), has committed £45 million to ITS Technology Group (“ITS”) - to support the roll-out of its full fibre broadband network across the country.
ITS’ networks are ‘open access’, giving wholesale access to internet service providers (ISPs), network and mobile network operators, and IT resellers; designed to underpin the connectivity needs of businesses of all shapes and sizes. ITS will use funding from Aviva Investors to move into several new areas across the UK to build full fibre networks which will pass up to and potentially more than 200,000 premises.
Fibre/broadband is an area of focus for the infrastructure equity team at Aviva Investors, offering institutional clients long-term, utility-like, income streams with relatively low economic risk. This investment in ITS increases Aviva Investors’ committed funding to the sector.
Sean McLachlan, Senior Director, Infrastructure Equity, Aviva Investors, said:
“Aviva Investors is pleased to support the roll-out of ITS’s full fibre broadband network. There is a clear and growing demand for this essential infrastructure across the country. The funding from Aviva Investors will allow ITS and its management team to build on its existing infrastructure and brand to accelerate its network expansion and to provide world-class infrastructure across the country.”
Daren Baythorpe, Chief Executive Officer, ITS, said:
“I took over the reins of the business in early 2018 and focused on reshaping the business; strengthening all aspects of our operations and strategic approach. This has created a strong foundation for this next phase of our growth.
“We are really excited to be working in partnership with an investor of Aviva’s calibre. It gives us considerable financial backing to further flex our reuse muscles and continue to take advantage of the opportunities ahead. This approach allows us to connect more customers to full fibre far quicker than the industry norm. With BT’s public switched telephone and copper network switch off plans now in progress, the race to build alternative futureproof full fibre IP-based networks is on to ensure coverage and choice for end-users – ITS is proud to be playing our role in achieving the UK’s ambitious plans.”
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