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IN BRIEF: accesso Technology agrees new USD40 million banking facility

30th May 2023 12:35

accesso Technology Group PLC - Berkshire, England-based provider of software for leisure, entertainment and cultural sectors - Agrees new USD40 million revolving credit facility with HSBC Holdings PLC on a four-year term ending May 2027, accompanied by a USD20 million accordion option. Newly agreed facility replaces accesso Technology's previous undrawn GBP18 million arrangement with Investec PLC and Ltd from March 2021, which was due to expire in March 2024. This facility has now been cancelled. Says HSBC facility is accompanied by a USD20 million accordion option, which it may utilise as it "pursues its strategic plan into the mid-term". Says Numis Corp PLC acted as its debt advisor to the transaction.

Chief Executive Officer Steve Brown says: "We are making excellent progress in delivering our growth plan, and this agreement increases our resilience while enhancing our ability to execute value accretive acquisitions where we see the potential to advance our plan more quickly."

On Tuesday last week, accesso Technology launched cloud-native point of sale platform accesso Freedom, a software -as-a-service solution which builds on intellectual property acquired from Omnico Group UK Ltd in July last year. It said accesso Freedom allows customers to unify all transactions on one platform, can "seamlessly" scale for venue size and enables use of emerging technologies like chat bot ordering and voice-based transactions.

Current stock price: 710.00 pence, up 0.6%

12-month change: up 4.1%

By Greg Rosenvinge, Alliance News reporter

Comments and questions to [email protected]

Copyright 2023 Alliance News Ltd. All Rights Reserved.

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