14th February. Cardiff. An innovative banking facility will provide Inspiretec with a new capital structure to continue its impressive performance into 2020 and beyond. Since formation, the business has achieved substantial growth. On the back of several new customer wins, 2019 saw Inspiretec deliver revenues of £9.2 million with an EBITDA of £1.2 million.
As a result of merging together four separate business, Inspiretec inherited outdated and inflexible banking arrangements, and the leadership team engaged Gambit Corporate Finance to help find a modern banking partnership to support the next phase of their growth strategy.
After an extensive market sounding process, Inspiretec chose NatWest, who will provide funding via its Lombard Intellectual Property Funding platform, which enables high technology companies to unlock the value of their software assets.
Matt Wakerley, Managing Director of Inspiretec commented ‘’We are delighted to have secured new funding and partnership from Lombard and NatWest. They are leading the way in the market by recognising that companies like ours have significant intangible assets in the form of the software we have built over many years, and to be able to use these as security for lending really is 21st century banking at its best. This is largest deal of its type done in Wales and we hope sets the benchmark for the market in the future”.
Recognising that that the travel sector continues to undergo unprecedented change, Inspiretec continues to invest heavily in strategic areas. The new banking arrangements will give them the control, flexibility and capital to focus R&D effort that gives their customers the products and services they need.
Chris James, Relationship Director at Lombard, said "Working pan-bank to create an innovative solution that will enable Inspiretec to continue its growth has been an incredibly rewarding experience."
Adrian Coles, Relationship Director at NatWest, added "Partnering with a globally successful company that has its roots in Wales shows the potential of the Welsh technology sector to become a world leading force."
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