Manchester based communications software provider Invosys has secured a £6.3 million funding package from Santander UK as part of its ambitious growth plans.
The funding sees Invosys 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 consolidation of its funding means that the company is able to focus on building its customer base of channel partners across the UK with its specialised product offering.
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, Invosys has more recently evolved to become a broader communications technology provider.
Rob Booth, CEO, Invosys 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, Relationship Director, Santander UK, 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.
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