Queensland IT consultancy Idea 11 is set to expand its footprint across Australia following an injection of capital funding.
The Brisbane-based consultancy received the funding from small- to medium-sized business investment firm PieLAB Council Capital, allowing it to grow its Amazon Web Services (AWS) cloud service practice into NSW.
Idea 11 was previously owned entirely by married couple James and Bianca Kahn, who will still continue to retain a significant stake.
However, the company will now establish a board of directors, with PieLAB investment director Richard Anderson and James Kahn, Idea 11’s CEO, filling two of three seats while another member is shortlisted.
“In PieLAB we found not only an alignment of cultures and personalities but a group of individuals with proven track records in growing significant businesses,” said the CEO.
“For some time, we have been looking at how we take Idea 11 from having a significant presence in Queensland to become a significant national provider of mid-market digital transformation services. This partnership will help elevate us to being a national player.”
Kahn was unable to disclose the ownership split between himself, Biance Kahn and PieLAB but claimed the amount was “significant”.
“Idea 11 has all the ingredients we are looking for in our companies,” said Chris Rolls, managing director of PieLAB.
"They have a stellar reputation with their customers and their vendors and the opportunity ahead is immense. Cloud computing and the digitisation of corporates is a growing and sustainable space and AWS is the leading provider of cloud computing services in the world. Idea 11 now has the backing and support to expand their geographical footprint with AWS in Australia.”