Technology consultancy inTec Business Solutions and Duke Royalty, have entered into a £7.7 million royalty financing agreement, with additional follow-up funding for acquisitions agreed in principle.
To date, inTEC which specialises in the design, implementation and support of cloud services and business applications, including IT managed services/infrastructure support, hosted collaboration and communication solutions has acquired seven businesses as part of its growth strategy.
The investment will enable the firm to refinance its capital structure, consolidate equity shareholding among the founding management team and introduce Duke as the senior lender in support of its ongoing M&A strategy.
Chairman Simon Howitt, said: “By taking on Duke’s capital, we have simplified our balance sheet and set a firm foundation for future growth, both via M&A and organically. We are currently negotiating a number of further acquisitions and intend to double the size of the group when we go into 2022.”