European IT and telecoms funder Econocom has reported a 1,585m of revenue in the first nine months of the year, a 12% rise compared to the same period in the previous year.
All the group’s businesses posted growth over this period, including the technology management and financing division which saw its revenue increase by 11% to 767m.
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For the third quarter, the company reported revenue of 463m. During this quarter, the company announced it was to acquire 90% of Altasys, an IT security company.
"The group, already established in the field of security, will now reinforce its security consulting and audit expertise of its Econocom cyber security division," the company wrote.
In June, the group also set up Econocom Digital Security, while earlier this month it has launched its first commercial paper programme, capped at 300m.
"This flexible, highly competitive tool will enable the group to continue to diversify its short-term financing sources. These funds will replace part of the existing bank credit facility and are intended to finance its working capital requirements," Econocom wrote.
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By GlobalDataEconocom’s strategic objectives for 2017 is to reach 150m in recurring operating profit and 3bn in revenue.
