The Growth Finance team’s funding package includes term loan facilities to support its expansion, plus a flexible invoice finance solution.
The company is a welcome addition to the Bank’s growing portfolio of intellectual property rich businesses. OpenCloud now has the funding to invest in additional research and development, and support working capital while the business grows.
Founded in 2000 and with headquarters in Cambridge, OpenCloud provides a range of software products that help telecoms operators deliver voice, data and message services. Its open-platform technology enables customers to adapt the solution to their needs and differentiate themselves in a competitive marketplace.
Sales of OpenCloud’s ‘Rhino’ product have continued growing, driven by an increasing range of blue-chip telecommunications operators integrating the solution in their infrastructure.
The company operates bases in New Zealand, Indonesia, Singapore, Spain and Brazil: employs around 80 people; and has more than 60 customers worldwide, including multiple Vodafone and T-Mobile operating companies and Telkomsel in Indonesia.
With investment from No.8 Ventures, Advent Venture Partners and Nokia Siemens Networks, over the last five years, OpenCloud has enjoyed spectacular growth of 1,046%.
OpenCloud ranked as one of the UK’s top 50 fastest-growing privately owned companies in 2012. It was also named the best cloud-based IMS (IP Multimedia Subsystem) solution at 2013’s IMS Industry Awards in Spain. IMS is set to take centre stage, as telecommunications operators increasingly move their core services to the latest 4G networks.
Jeff Gordon, OpenCloud’s Chief Executive Officer said, “We look forward to building on our success with the Bank’s well thought-out funding package, which includes substantial working capital facilities to support our continued expansion.”
“One of the biggest benefits of the deal is access to the Bank’s flexible invoice finance facility. As a growth business dealing with large projects and customers in a number of global territories, this invoice finance facility will help us to manage our cash flow.”
“We have also been impressed by the team’s understanding of the unique challenges facing growth businesses, and their need to maintain investment in research and development, and opening new markets.”
Chris Bone, Growth Finance Director said: “We are very pleased to welcome OpenCloud to our expanding portfolio of intellectual property-rich businesses. Sales of OpenCloud’s ‘Rhino’ product have continued to grow, driven by an increasing array of blue-chip telecommunications operators integrating the platform within their infrastructure.”
We look forward to building on our success with the Bank’s well thought-out funding package, which includes substantial working capital facilities to support our continued expansion.Jeff Gordon, Chief Executive Officer, OpenCloud