One of the north-east’s leading entrepreneurs has joined the board of an IT firm following a multimillion pound investment.
Tom Smith – founder of Nessco and former chairman of Acsef – has been named as chairman of ISN Solutions as it expands into Aberdeen.
Private equity firm Maven has led a £4.6million investment in the IT support and services business, which specialises in the upstream oil and gas industry.
Maven’s investment and extensive experience within the oil and gas supply chain, coupled with Mr Smith’s sector knowledge, will support ISN’s growth strategy.
Smith founded Nessco in 1980 and built it into a global provider of telecommunications services to the oil and gas industry before selling the firm to Houston-based RigNet in 2012.
“ISN Solutions is clearly a leading player in the field of IT systems and support to the oil and gas sector,” Smith said.
“I am very impressed with its management, overall capability and existing client base and am looking forward to working with the team to assist them in their exciting growth journey. They have all the credentials to become a company who can service the offshore industry on a truly global basis.”
Established as a start-up in 1999 and headquartered in London, ISN now generates sales close to £6million through the provision of consultancy, project management and outsourced IT services to a niche client base operating in the upstream exploration and production (E&P) oil and gas sector.
“We have ambitious growth plans for the business, which will be backed by the extensive experience and resources of Maven,” said David Greenwood, managing director at ISN Solutions.
“We are delighted to welcome Tom Smith to the board and believe that his insight, network and track record of success within our sector will support the delivery of our development goals as we continue to evolve as a business.”