Dains Corporate Finance advises on cloudThing recapitalisation
The Dains Corporate Finance team have recently provided due diligence services to support the recapitalisation of cloudThing with funding provided by Yorkshire Bank.
Award winning business cloudThing has agreed new facilities with Clydesdale and Yorkshire Bank, part of Virgin Money, to support a recapitalisation that positions this fast-growing technology company for continued growth and success.
Ranked as one of the fastest growing 100 technology companies in the UK, Birmingham-based business cloudThing specialises in designing, creating and automating new bespoke digital solutions. These solutions deliver digital transformation, efficiency and artificial intelligence to make organisations more productive and efficient to meet ever evolving IT needs.
The new facilities will enable the business to scale up services in its Central Government, Non-profit and Membership sectors and continue investment in IP to compliment the Microsoft Power Platform, develop its data services practice and invest in additional delivery centre capacity through a strengthened and committed management team.
Roy Farmer and Rob Wilson of Dains LLP undertook the financial due diligence on the business which included a review of the past two years and current year to date financial performed and the maintainable EBITDA, and commented on the financial forecasts and the on-going working capital requirement of the business.