Cardiff – CFI United Kingdom is pleased to announce that they acted as lead financial advisor to Inspiretec, in securing a new banking partner in a significant refinance. A multi-million pound facility has been secured with NatWest, to refinance historical banking facilities.
Inspiretec is a leading global technology partner for travel agents, tour operators, loyalty brands, hotels, conference destinations and tourism organisations. The group’s complementary market leading software products, including the Travelink end-to-end booking and reservation system and the Holistic travel CRM system, provide the only full stack solution available to the Travel & Hospitality sector.
The company achieved considerable success in 2019, securing significant new customers, developing new products and integrating systems and teams. As a result of this success, Inspiretec’s revenue has risen to £9.2 million, with EBITDA of £1.2 million. Further growth is expected at the company, with new Cruise and Retail products recently being launched which will seamlessly integrate with Inspiretec’s existing product stack.
Inspiretec was formed by the merging of four complementary businesses. Simon Powell, Matt Wakerely and the previous management team bought back Comtec in 2014, the travel technology business that they had previously built and sold. In 2018, Comtec was merged with three other travel technology businesses controlled by the team to form the Inspiretec Group.
The refinance will provide Inspiretec with an appropriate capital structure to continue its impressive performance into 2020 and beyond. NatWest will provide the funding via its Lombard Intellectual Property Funding solution, which enables technology companies to unlock the value of their software.
Matt Wakerley, Managing Director of the Inspiretec Group said “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”.
The CFI UK team was led by Jason Evans and Tim Brotherton who were responsible for identifying and approaching selected funders, advising the company throughout the transaction and negotiating the terms of the facility.
Jason Evans said “We are delighted to have acted for Inspiretec in securing a new funding structure. Simon, Matt and the rest of the management team have effectively merged the teams and products of four businesses over the past few years to create a successful business with an exceptional product set. The refinance will enable the business to continue to build on its recent achievements.”
The transaction closed on 31 January 2020.
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