United Trust Bank’s Technology Finance team was approached by one of our trusted brokers to fund a services requirement for a business wishing to invest in a software system installation. The transaction was introduced to us by Mark O’Connor at Halo Corporate Finance. Mark and Halo have operated in the IT finance marketplace for many years and Mark has strongly supported United Trust Bank’s new funding solutions since launching earlier this year.
The borrower business is long established but had only recently converted to a limited company having been a long standing partnership. However, the key challenge for Mark was that the software licenses had already been purchased, due to the author offering a large discount to encourage an immediate transaction, and the borrower was purely looking to fund an extensive services contract to cover installation, configuration and ongoing training only.
This wasn’t a problem for UTB as our innovative approach to the services funding marketplace allowed the total service requirement to be funded over an extended period, thereby smoothing the cash flow for the business as they made the transition from partnership to limited company and enabling the software solution to be rolled out across the business as planned.
Mark O’Connor commented that: “Although United Trust Bank are new to the technology funding marketplace, I’ve been impressed with the turnaround times of proposals and their flexibility. I can see us developing a beneficial relationship quite rapidly.”