Maven invests £2m in Calnex through SLF

Established in 2011 and managed by Maven, the £113m SLF provides loans of up to £5m for Scottish businesses. Over the past two years, the fund has committed in excess of £30m across 12 growing companies.

The cash injection will be used to develop a next generation testing product to ensure the company's presence in the $1.3bn global Ethernet testing market.

Maven and the SLF were attracted to Calnex because of its exposure to the Ethernet testing market. Mobile data is experiencing explosive growth, with the volume of traffic expected to double on a yearly basis. The bulk of this traffic is bandwidth-intensive video content, which causes a challenge for service providers in scaling the so-called mobile backhaul element of their networks in a cost-effective manner to ensure a continued reliable and efficient network.

To achieve this, operators are migrating to Ethernet for mobile backhaul. However, operators then need to ensure that base stations that receive mobile traffic are properly synchronised so as to avoid creating distorted signals and poor service quality.

Company
Calnex provides solutions for Ethernet testing, including synchronisation. Its client base is made up of firms including Nokia, Vodafone and Samsung. The company employs just under 50 people.

People
David Milroy is an investment director at Maven and Andrew Craig is a partner at Maven. Tommy Cook is founder and CEO of Calnex. Kenny Sharo is head of the Scottish Investment Bank.

Advisers
Management - DC Consulting (Corporate finance).

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• Topics
• UK / Ireland
• Expansion
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• Maven Capital Partners
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