Manchester tech firm signs £7million funding deal
Further acquisitions are on the cards for inTec Group following a £7.7m royalty funding agreement with Duke Royalty.
According to the Manchester tech firm, additional follow-on funding is available for more acquisitions.
The technology consultancy has bought 7 companies since it was formed in 2016.
“Duke’s investment solution and the team’s appetite for supporting transformational strategies is key to our vision for what we want inTEC to become,” explained Simon Howitt, Chairman of inTEC.
“By taking on Duke’s capital, we have simplified our balance sheet and set a firm oundation for future growth, both via M&A and organically. We are excited to continue to execute on our clearly defined plan. We are currently negotiating a number of further acquisitions and intend to double the size of the Group when we go into 2022.”
Duke Royalty is a provider of alternative capital solutions, operating across Europe. Its investment will mean it becomes the “senior lender” to inTec.
“Duke Royalty is rapidly building and diversifying its cash revenue, having entered into two partnerships in the last five days. inTEC has all the qualities of an attractive royalty partner for Duke in that it is an exciting buy & build platform with a track record of growth and profitability,” added Neil Johnson, CEO of Duke Royalty.
“The underlying businesses’ predictable revenue profiles and the increasing proliferation of new technologies among SME clients, makes us confident of the Company’s short and long-term prospects. Our support of this investment reflects our strong belief in the management team’s ability to continue the success achieved to date and the attractiveness of an M&A strategy in this sector.”