Pinnacle Technology growth plan backed by investors 6 February 2013 Last updated at 13:30 Telecoms and cloud computing firm Pinnacle Technology Group has launched a new drive for growth after raising more than £2.6m through a share placing. The Paisley-based company said the funds were raised from both existing and new investors. The net proceeds will be used to hire "additional sales expertise" as part of its ongoing growth strategy. Trading in the new shares is expected to start on 11 February. Pinnacle was formed in 2002 to provide IT and telecoms services mainly for small and medium-sized businesses. It has also provided services at events such as the Olympics, the Queen's Diamond Jubilee, T in the Park, the Pope's visit and the Chelsea Flower Show. Last year the firm changed its name from Pinnacle Telecom Group, saying the switch reflected "the change in our technological advancement." Chief executive Alan Bonner said: "We are delighted, in this difficult economic climate, to have secured the level of support that we have received from existing investors, as well as new institutional investors who have participated in the placing. The placing will transform the company's balance sheet, and will provide Pinnacle with the necessary funding to advance our cross selling programme, allowing us to expand the business further.