Gresham backed 2e2 Wins Ernst & Young Entrepreneur of the Year Award

Gresham, the UK mid-market private equity firm, is pleased to announce that Terry Burt (Chief Executive) and Mark McVeigh (Chief Operating Officer) of the Gresham backed IT services company 2e2 Group have been named as Technology & Communication Entrepreneur of the Year in the 2005 Ernst & Young Entrepreneur of the Year awards.

2e2 was established in 2002 by chief executive Terry Burt, and chief operating officer Mark McVeigh. With Gresham's backing, Terry and Mark are using 2e2 as a vehicle to create a broad- based managed services provider focused on support, solutions, networking and managed services in both the offshore and onshore markets.

As a consequence of a series of 2e2 acquisitions and strong core organic growth, annual run- rate revenues are now expected to reach over £140 million this year. 2e2 recently reported turnover of £62m and operating profits of £5m for the year ended 31st December 2004. It is targeting annual run-rate revenues of £200 million by 2006.

Speaking of their achievement Terry Burt commented: "We are absolutely delighted with this award and that 2e2 has been recognised as a successful and growing business. This award is a tribute to the professionalism of our 1,200 staff"

Paul Canning, Director of Gresham, who sits on the Board of 2e2 as a Non-executive Director, commented: "I am delighted that Terry and Mark have received this award which demonstrates their success in building 2e2 into a leading IT outsourcing company."