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30 April 2012

Rock solid growth from Rock Networks after receiving funding

Press Release 30th April 2012

Warrington-based voice and data specialist, Rock Networks, has broken the £1m contracted revenue mark after seven months of trading. Rock's strong performance comes after continued growth and a £250,000 investment from The North West Fund for Venture Capital, managed by EV, in May 2011.

Rock Networks, a voice and data specialist that provides expert advice for companies looking to access the latest technology, used the funding from The North West Fund to support the company's start-up costs. The firm has taken on 18 staff members to meet the IT and communication needs of its clients.

The expanding customer base has been the driving force behind breaking the £1 million mark. January saw the firm increase the customer base by 25 per cent. Revenue from the new contracts topped £220,000.

Managing director Stewart DeRoma, commented: "We were at square one before the investment from The North West Fund. The investment has gone to expanding everything from IT systems and infrastructure to our sales and operating staff.

"The future is promising for Rock as the demand for data specialists is ever increasing. Hitting the £1 million mark was fantastic but we continue to look to the future to plan for growth."

Andy Leach, chief executive of North West Business Finance, which manages The North West Fund, commented: "We take great pride and pleasure in watching our investee companies develop, and in Rock Network's case, surpass its goals. The funding inspired and enabled Stewart to achieve his ambitions of becoming a major player in the business IT sector and we look forward to helping other entrepreneurs reach their goals."

The £30m North West Fund for Venture Capital is part of the £185m North West Fund - an evergreen fund provided by the European Investment Bankand The European Regional Development Fund to supply debt and equity funding to growing small and medium sized enterprises in the North West of England.

Since its creation in December 2010 The Fund has supported more than 65 businesses with over £12m of investment capital and earmarked a further £9m of funding to further support those businesses as they grow. Many more investments are planned for 2012 and the years ahead.

Rock Networks was established by managing director Stewart DeRoma, technical director Dan Cunliffe and chairman Julian Jackson. The team worked together for a previous venture-backed business and, having played supporting roles in building two businesses through to successful exits, decided the time was right to take centre-stage and build a business of their own.

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