Palatine Growth Backs Bristol-Headquartered International Edge Computing Provider

Investment Supports StorMagic’s New Product to Help Edge and SMB Customers Replace VMware

Palatine Growth Credit Fund has completed its first transaction with a significant investment to back fast-growing, edge computing provider StorMagic.

The deal will support growth at the Bristol-headquartered business which enables organisations of all types and sizes to store, protect, and manage their data at and from the edge. StorMagic recently introduced SvHCI, a full-stack software solution that can save customers significant costs over VMware and Microsoft.

Palatine believes StorMagic is well-suited to capitalise on the new market conditions presented by Broadcom’s acquisition of VMware and the Fund has invested in StorMagic aiming to accelerate its growth.

Founded in 2006, StorMagic has been selling SvSAN, hyperconverged storage, for SMBs and edge customers that have standardised on VMware or Microsoft virtual server environments. StorMagic has thousands of clients around the world using SvSAN and has offices in the USA and Canada.

The Palatine Growth Credit Fund has been raised to support maturing, high growth companies in the UK regions which are seeing strong year-on-year revenue growth.

The Fund lends to companies in the cyber, fintech, SaaS, healthtech, medtech, AI and advanced manufacturing sectors in the burgeoning technology ecosystems of the North, Midlands, South West, and the South East.

Dan Beer, Chief Executive Officer at StorMagic, said: “StorMagic is thrilled to have Palatine’s support as the company recently entered a new market segment with the introduction of SvHCI. Since Broadcom’s acquisition of VMware, edge and SMB customers have seen massive price increases and many are looking for alternative solutions to help them run on-site applications reliably while reducing costs. SvHCI is the ideal replacement solution and can save SMBs and edge customers up to 62% over VMware alternatives.”

Important Notice: The fund mentioned within is only available to Professional Investors within the United Kingdom and Retail Investors may not rely on the information within. This is not an offer to sell, or an invitation for an offer to acquire, an interest in the Fund, nor is it an invitation to apply to participate in the Fund. This is not an offering or placement of interests in the Fund in any jurisdiction and should not be construed as such. No information in this document will form the basis of any contract.  

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For further information please contact:  [email protected] or call Peter Lappin or Chris Barry on 07935 500 397 / 07733 103693

About Palatine Growth Credit
Palatine Growth Credit supports ambitious and innovative tech businesses based across the regions of the UK.
Its strategy is to help businesses reduce equity dilution as they grow by partnering with fast-growing B2B businesses that are Venture Capital backed.
The Growth Credit Fund leverages Palatine’s market-leading approach to sustainability with a commitment to driving sustainable outcomes in the businesses it backs.
https://palatinegrowthcredit.com/

About Palatine
Palatine is a UK mid-market private equity investor focused on delivering returns through sustainable growth by building on solid foundations with a commitment to the environment and society.
We see private equity as a force for good. A positivity born of generating returns in the right way.
Founded in 2005 by partners Gary Tipper, Ed Fazakerley and Tony Dickin, we have successfully raised four Buyout Funds and we are the first private equity firm in our market to raise a returns-focused Impact Fund which is led by Beth Houghton.
Our approach is built on three solid foundations: investing in relationships, identifying the appropriate value enhancement strategies and improving sustainability outcomes through our pioneering ESG framework.
We seek to partner with management teams across the business services, financial services, health, education and technology sectors and our impact themes of sustainable communities, healthy living, environment & resource and sustainable choices.

We invest from two funds:
Buyout Fund: Sustainable returns

•       Investing between £10m – £30m in dynamic and visionary management teams looking to drive their business through their next phase of sustainable growth.

Impact Fund: Returns with purpose

•       Investing £5m – £20m in commercially driven businesses with a mission to positively impact on society or the environment.

We are headquartered in Manchester with offices in London and Birmingham.
https://www.palatinepe.com/

About StorMagic
StorMagic is solving the world’s edge data problems. We help organizations of all types and sizes use, protect and manage their applications and data at and near the edge. Our solutions are easy to implement and maintain, and eliminate downtime to provide value anytime, anywhere. StorMagic’s solutions are simple, reliable and cost-effective, without sacrificing enterprise-class features, for SMBs to Fortune 500 companies with one to thousands of sites.