OakNorth has provided a loan to managed service and cloud platform provider Oncore IT for the acquisition of Fuse Technologies.
Fuse Technologies is a London-based provider of unified communications tools.
The acquisition will allow Oncore IT to manage the support of Fuse Technologies’ 10,000 users, which mainly span financial, construction and professional services.
Oncore IT was acquired by US-headquartered managed service and cloud solution provider Ergos in 2016.
“[OakNorth was] willing to take the time to understand our business model and vision for the future,” said Michael Croft, CEO at Oncore IT.
“We wanted to work with a finance provider which could provide us with the required capital we needed for the acquisition quickly so that we could get back to running our business.”
Matt Leahy, director of debt finance at OakNorth (pictured above), added: “Ergos and its subsidiaries’ growth to date has been impressive, so we were delighted to have the opportunity to become [its] first funding partner in the UK and look forward to further supporting [its] acquisitive strategy going forward.”
SIGN UP TO OUR NEWSLETTER TO RECEIVE MORE NEWS LIKE THIS STORY
Gravity selects Finastra to power banking and lending services
Gravity has selected Finastra’s Fusion Essence in the cloud solution for its end-to-end core banking capabilities...
An interview with Paul Stockwell: Islamic finance has ‘enormous opportunity’ for growth over coming years
In an interview with Specialist Banking, Paul Stockwell, chief commercial officer at Gatehouse Bank (pictured above), discusses increasing awareness of Islamic finance and opportunities in the banking world...
Revolut for Business launches expense management tool
Revolut for Business has launched a new expense management tool designed to simplify the handling of expenses for growing businesses...
Leek United strengthens intermediary team
Leek United Building Society has strengthened its intermediary team with five new appointments...
BCR awards £10m to Atom bank
Atom bank has received a £10m grant as part of the Capability and Innovation Fund Pool C grants announced by the board of Banking Competition Remedies (BCR)...
Bank of Ireland UK updates broker portal
Bank of Ireland UK has revealed that it has relaunched its broker portal...
Unity Trust Bank increases lending by 47%
Unity Trust Bank has reported an underlying pre-tax profit of £4m in H1 2019, an increase of £1.2m compared with H1 2018...
Taxing times for SMEs
Small business owners are the most creative and resilient individuals I know...
Metro Bank to open first store in the Black Country
Metro Bank is set to open two stores on 20th and 21st September in Solihull and Merry Hill...
TMA Club adds Harpenden Building Society to lender panel
TMA Club has added Harpenden Building Society to its lender panel, giving its members access to the building society’s range of mortgage products...
N26 appoints chief banking officer
N26 has appointed Thomas Grosse (pictured above) as its new chief banking officer...