Tech firm buys Belfast business
Calnex acquisition backed by ThinCats
The acquisition, for an undisclosed sum, increases the product portfolio at Calnex which serves customers in 45 countries from its base in Linlithgow.
Funding was supplied by ThinCats, an alternative finance provider supporting growing and ambitious SMEs and specialising in secured loans from £100,000 up to £5m.
Tommy Cook, Calnex CEO, said: “The quantum we required sits somewhere between angel investment and venture capital, so we are pleased that an alternative finance provider has emerged that is aligned with our business and supportive of our plans to scale.
“ThinCats is the ideal funding partner for us as we prepare to enter the next exciting stage of our development.”
He added: “This transaction has been a real enabler for our business.”
Geoff O’Brien (pictured), origination manager, Scotland at ThinCats, commented: “We have enjoyed working with Calnex Solutions’ management team on this transaction and wish them every success with their growth plans.
“The acquisition has supported the company in meeting its strategic objectives to secure and integrate a complementary business to achieve economies of scale and augment its product suite.”