Communications firm lands £6.3m funding package
A Manchester communications software provider has secured a £6.3m funding package.
Invosys secured the funding package from Santander UK as part of its growth plans.
The funding will see the firm overhaul its entire lender portfolio, choosing to consolidate its loans with a single lender.
The company has also moved all its day-to-day banking functions across to Santander UK.
The funding means that the company will be able to focus on building its customer base of channel partners across the UK with its specialised product offering.
Invosys is a wholesale provider of its own cloud communications software and platform, dedicated to providing telecoms solutions to business customers.
Founded in 2006, in Manchester by Rob Booth and Peter Crooks, originally the UK’s first specialist web-based portal for inbound call management aimed at SMEs.
The company has more recently evolved to become a broader communications technology provider.
Invosys’ NumberManager platform is used by multi-national and international brands, as well as a huge number of SMEs in the UK, Australia and New Zealand.
Chief executive Rob Boot said: “The funding from Santander will allow us to focus clearly on delivering our growth strategy and hitting our goals.
“We had a number of interested parties and ultimately decided that Santander were the best fit for us. Knight Corporate Finance were a great help in the process, leveraging their industry knowledge and debt funding expertise to ensure that the process ran as smoothly as possible.”
Peter Kennedy from Santander said: “We are delighted to be starting a long-term relationship by providing a suitably structured and flexible funding package to support Invosys on the next phase of their evolution.
“The business has focused its long-term strategy on strengthening the partnerships it has established in the UK, broadening its product set and developing other sales routes to market; a strategy aided by the acquisitions completed in the last few years.”
Invosys was provided debt advisory services by Paul Billingham and Tom Jones of Knight Corporate Finance and legal advice from David Easdown of Knights Plc. Santander were provided with legal advice by Navin Prabhakar of Gowlings and Financial Due Diligence by Rob McCarthy of RSM.
Peter Kennedy was supported by Simon Clewlow from Santander UK’s Growth Capital team in structuring the debt.