Refinancing deal will help propel tech firm’s growth strategy
Technology and platform provider, plan.com, has secured new senior debt facilities to support and accelerate the growth of its business.
The deal, co-arranged by Barclays Corporate Banking in Manchester and Santander Corporate & Commercial Banking, will fund future organic growth as well as targeted M&A activity.
Greg Doran, Northern head of TMT, led the transaction for Barclays Corporate Banking and Charlotte Lees and Ian Henry led the transaction for Santander UK.
Support and advice was provided to plan.com regarding the transaction by Clearwater International, by a team which included Mark Taylor, David Grassby, Dan Shrimpton and Dom Moir.
Established in 2013 and based in the Isle of Man, plan.com has been recognised as one of the fastest-growing companies in the UK technology sector, as evidenced by its number one ranking in the 2018 Sunday Times Tech Track 100 and its subsequent listing in both 2019 and 2020 as well as its listing in the FT1000 for 2020.
As UK businesses dealing with the COVID-19 pandemic realise and appreciate the benefits of a mobile workforce, plan.com has thrived.
The business provides customers with omnichannel communications connectivity through a suite of mobile, fixed-line, broadband, hosted and internet of things (IoT) solutions, all of which are supported and managed via its single, proprietary ‘my.plan’ platform, a highly advanced tech-driven platform offering plan.com customers and partners proactive and real-time management of their communications.
The refinancing transaction will allow the business to continue its growth trajectory, enhance its existing SAAS platforms such as ‘my.plan’, further develop its hosted offering and support a targeted acquisition strategy in the future.
Neil Kelly, plan.com chief financial officer, said: “Completing this transaction via a completely remote process, during a global pandemic, really illustrates the strength of our business and is a very positive indicator of market confidence in our sector.
“Notwithstanding the uncertainty in the global economy, there are opportunities for growth, and this represents a bright future for plan.com.”
Greg Doran, Northern head of TMT for Barclays Corporate Banking, said: “Despite the current challenges, we’ve been able to structure a deal to support plan.com on its growth journey. Our specialist knowledge of the TMT sector and in-depth understanding of the client were important factors, which also helped us secure the full operational banking mandate.
“With this new facility, the business is in the best possible shape and we look forward to working alongside the senior management team as plan.com continues to grow.”
Charlotte Lees, director, strategic debt solutions for Santander Corporate & Commercial Banking, said: “We’re delighted to welcome plan.com as a new client. This transaction was conducted in the midst of the COVID pandemic, and we are grateful to all parties for their contribution and collaboration to enable its successful completion.
“Santander is once again supporting a fast-growing, innovative business and we look forward to working with the plan.com management team as the company embarks on its next phase of growth.”
David Grassby, director, Clearwater International, said: “Plan.com’s technology platform offers a unique service to UK business customers. The business has achieved rapid growth in a very short period of time, so it’s no surprise that innovative financing solutions were required to fuel the next stage.”