Further acquisitions are planned for the inTec Group following a license financing agreement of 7.7 million pounds with Duke Royalty.
According to the Manchester-based tech company, additional follow-up financing is available for further acquisitions.
The technology consultancy has bought 7 companies since it was founded in 2016.
“Duke’s investment solution and the team’s willingness to support transformation strategies are key to our vision of what we want to do with inTEC,” said Simon Howitt, Chairman of inTEC.
“By acquiring Duke’s capital, we have simplified our balance sheet and laid a solid foundation for future growth, both through M&A and organically. We look forward to continuing to implement our clearly defined plan. We are currently negotiating a number of other acquisitions and intend to double the size of the group by 2022. “
Duke Royalty is a Europe-wide provider of alternative capital solutions. With her participation, she will become inTec’s “Senior Lender”.
“Duke Royalty is rapidly building and diversifying its cash income after partnering two times in the past five days. inTEC has all the qualities of an attractive licensing partner for Duke as it is an exciting buy and build platform with a track record of growth and profitability, ”added Neil Johnson, CEO of Duke Royalty.
“The predictable revenue profiles of the underlying businesses and the increasing diffusion of new technologies among SMB customers make us confident about the company’s short and long-term prospects. Our support for this investment reflects our strong belief in the management team’s ability to continue the success and appeal of an M&A strategy in this sector. “
