Published: 26 September 2014
Idox plc (AIM: IDOX), a leading supplier of specialist document management collaboration solutions and services to highly regulated asset intensive industries and the UK public sector, is pleased to announce that it has negotiated new banking facilities with the Royal Bank of Scotland ("RBS") and Silicon Valley Bank ("SVB"). A new, two bank, four year facility replaces the Group's current arrangements.
The new GBP40million facility includes a term-loan of GBP17 million and a GBP23 million revolving credit facility, split GBP25m with RBS and GBP15m with Silicon Valley Bank. RBS and SVB were Co-Lead Arrangers and RBS acted as Deal Coordinator, Agent and Security Trustee. As part of the transaction, Idox will move its global banking to NatWest/RBS and SVB.
Jon Mosscrop, Director, TMT & Cian McCarrick, Director, CTE Royal Bank of Scotland, commented, "We have watched the growth of Idox with much interest over the last seven years. In working closely with its management, we have built a deep appreciation for the quality of the business, the strength of the senior management team and the potential for further growth. We are delighted to provide Idox with funds for the next stage of development and are excited about the potential to develop an even stronger relationship as its new day-to-day bank."
Paul Jackson, Managing Director, Silicon Valley Bank commented, "We are delighted to be supporting this market leading UK technology company in its next phase of growth. We have been impressed with the management team and look forward to working with Idox long into the future."
Jane Mackie, Chief Financial Officer, Idox plc, commented, "In choosing new finance partners we wanted to work with institutions which have an understanding of our industry and how Idox is placed within it, while also having a demonstrable track record of delivery. We have been impressed with the team's knowledge at RBS and SVB and the support we have been given enabling us to deliver the financing Idox needs. Both RBS and SVB have taken the time to understand what is important to us and we are looking forward to working closely with them as our new banks."
Idox plc +44 (0) 870 333 7101
Martin Brooks, Chairman
Richard Kellett-Clarke, Chief Executive
Jane Mackie, Chief Financial Officer
N+1 Singer (NOMAD and Broker) +44 (0) 20 7496 3000
Shaun Dobson / Nick Donovan
Leander (Financial PR) +44 (0) 7795 168 157
About Idox plc
Idox plc is a supplier of specialist document management collaboration solutions and services to the public sector and increasingly to highly regulated asset intensive industries around the world in the wider corporate sector.
Its Public Sector Software Division is the leading applications provider to UK local government for core functions relating to land, people and property, such as its market leading planning systems and election management software. Over 90% of UK local authorities are now customers. The Division provides public sector organisations with tools to manage information and knowledge, documents, content, business processes and workflow as well as connecting directly with the citizen via the web. It also supplies, predominantly to the public sector in the UK and internationally, decision support content such as grants and planning policy information as well as related specialist services, including election management solutions.
The Engineering Information Management Division delivers engineering document control, project collaboration and facility management applications to many leading companies in industries such as oil & gas, architecture and construction, mining, utilities, pharmaceuticals and transportation in North America and around the world.
The Group employs over 570 staff located in the UK, the USA, Canada, Europe, India and Australia.
About Silicon Valley Bank
Silicon Valley Bank is the premier bank for technology, life science, venture capital, private equity and premium wine businesses. SVB Financial Group provides industry knowledge and connections, financing, treasury management, corporate investment and international banking services to its clients worldwide through 28 U.S. offices and six international operations. (Nasdaq: SIVB) www.svb.com/uk
Silicon Valley Bank is registered in England and Wales at 41 Lothbury, London EC2R 7HF, UK under No. FC029579. Silicon Valley Bank is authorised and regulated by the California Department of Business Oversight and the United States Federal Reserve Bank; authorised by the Prudential Regulation Authority with number 577295; and subject to regulation by the Financial Conduct Authority and limited regulation by the Prudential Regulation Authority. Details about the extent of our regulation by the Prudential Regulation Authority are available from us on request. Silicon Valley Bank is a subsidiary of SVB Financial Group, a Delaware corporation and is an affiliate of SVB Financial Group UK Limited. SVB Financial Group UK Ltd is registered in England and Wales at 41 Lothbury, London EC2R 7HF, UK under No. 5572575 and is authorised and regulated by the Financial Conduct Authority, with reference number 446159. SVB Financial Group and its subsidiary Silicon Valley Bank are members of the Federal Reserve System and Silicon Valley Bank is a member of the FDIC.
Silicon Valley Bank - UK Branch
T: +44 (0)20 7367 7839
Updated: 21 March 2018