LONDON (Alliance News) - Venture capital trusts British Smaller Companies VCT PLC and British Smaller Companies VCT2 PLC on Friday said they purchased a 27% stake in cloud-based telephone systems provider Hosted Network Services Ltd for GBP2.3 million last week.
British Smaller Companies VCT said it invested GBP1.35 million in Hosted Network Services, which trades as Sipsynergy, for a 16% stake on June 30, whilst British Smaller Companies VCT2 said it bought an 11% stake for GBP950,000.
The pair said the funds will help Hosted Network Services grow through the expansion of its sales and support teams.
Hosted Network Services provides small and medium sized companies with telephone and video conferencing services, and is based in Hertfordshire.
Shares in British Smaller Companies VCT were down 1.3% at 89.78 pence on Friday, whilst shares in British Smaller Companies VCT 2 were up 0.1% at 58.07p.
By Hannah Boland; hannahboland@alliancenews.com; @Hannaheboland
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Br.small Co.2 (BSC)
Br.smaller Cos. (BSV)