Investment increases IT firm's value to £200m

An award-winning IT company based in one of the North East's best located office developments has secured investment that will value it at around £200m.

- GRAEME WHITFIELD

Aspire Technology Solutions, a former North East Company of the Year, will use the funding to support its growth.

Aspire is based at Pipewell Studios, the offices overlooking the Tyne converted from the former Baja Beach Club nightclub.

It specialises in providing a range of IT services - including cyber security, the cloud and communications - and has seen significant growth in recent years.

Existing financial backer LDC, part of the Lloyds Banking Group, and new minority investor Federated Hermes, have now put in fresh funding as the company aims to reach annual revenues of more than £100m by 2030.