Barclays dials up support for telecoms business
Telecoms technology business Calnex Solutions plc has secured £3m of funding from Barclays to drive acquisitions and organic growth. The revolving credit facility will give the Linlithgow-based company access to capital to fund growth opportunities as well supporting R&D work.
In early October, Calnex became the first Scottish IPO in two years when it listed on the Alternative Investment Market. The placing raised £22.5m, £6m of which has been earmarked to support growth plans, bolstered by the Barclays deal.
CEO Tommy Cook and CFO Ashleigh Greenan
In addition to the funding package, Calnex has moved its full operational banking facilities to Barclays.
Founded in 2006, Calnex has operations across the globe including the US, China and India. It designs, produces and markets test instrumentation and solutions for the telecoms sector with its 95 employees servicing customers in 68 countries internationally.
The Barclays deal team was led by Corporate Development Director Malcolm Crawford.
Tommy Cook, CEO at Calnex, said: “We are in an exciting period of growth and development for the business and we needed a banking partner supportive of our ambitions. Like many technology-based sectors, the telecommunications industry is seeing fast paced change and a wealth of innovation. Our deal with Barclays offers us flexible access to capital to take advantage of opportunities like acquisitions that will help us grow our market share.”
Jamie Grant, Head of Corporate Banking for Barclays in Scotland said: “As the first UK bank to have a dedicated technology, media and telecoms team, we have a track record in supporting ambitious businesses like Calnex. The management team has grown a successful global operation headquartered in Scotland and has a clear plan to further expand market share and increase investment in developing new technology. We worked with Calnex to deliver a funding solution that would enable the company to be agile about growth opportunities.”