Managed service provider EACS has secured a multi-million pound refinancing deal to support its growth plans.
The firm said it has refinanced its existing facilities and "upsized its debts on more favourable terms" as businesses around the world turn to technology to stay connected.
"We are absolutely delighted to have been able to refinance the business in what is one of the most turbulent economic climates we have seen in our lifetime," CEO Kevin Timms (pictured) said.
"There has been much anecdotal evidence that the current COVID-19 crisis has driven digital change and this has certainly been our experience as we went through this process in recent months.
"But we did so and that is illustrative not only of the grip and understand we and our advisors have on the business, but also because we are in a sector that is demonstrating a degree of resilience.
"Before the coronavirus outbreak, many businesses had little interest in exploring video conferencing, remote working at scale or attending a virtual event. Allowing every employee to work from home for once a week was also unthinkable. Today, many are now beginning to see the art of the possible and explore new ways of working and thinking and we are helping those businesses digitally transform at speed."
The deal with lender Shawbrook bank was brokered by Knight Corporate Finance.
Adam Zoldan, director, Knight Corporate Finance', stated: "We were delighted to work with EACS, having worked with Anne and Kevin on their initial fund-raise to acquire EACS. The success of the business in helping customers with legacy equipment transform to a Cloud and managed service solution enabled us to attract competition from a range of institutions to fund the next stage of eacs' growth.
"The timing for the fundraising was not ideal with lock-down commencing part-way through the process. However, the strength and depth of EACS expertise, its blue-chip customers delivering recurring revenue and some compelling growth prospects ensured that the deal was able to complete at a time when many similar deals have fallen away."
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