The Ottawa-based firm, which bills itself as a “virtual IT department” for small and medium-sized businesses, said the growth capital will be used for the sales and marketing of the soon-to-be-launched aspects of its Connected Office service portfolio, including the CO Enterprise Program that provides additional external support for companies that already have an internal IT department.
The Utility Company also said the funding will help it develop its Utility Preferred Supplier Program, which will partner the firm with national and regional industry associations to bring virtual IT to their membership.
“We are pleased to complete this financing to improve our balance sheet and be in a position to invest in key areas to grow our recurring revenue and expand our franchise system” said The Utility Company president Mark Scott in a statement. “Having an institutional investor like BDC on board can only help the prospects for our business going forward.”
The Utility Company is currently in 75 locations across North America, largely small businesses with fewer than 50 employees, although it’s starting to work with mid-sized enterprises with up to 250 employees such as Bradley’s Insurance and Metcalfe Realty Co. Ltd.
The firm remotely provides hardware, software and services for a monthly fixed fee per user.
