A specialist lender OakNorth has completed a deal worth £1.25m with Emizon, the Warwickshire-based security technology firm.
Formed in 2001, Emizon developed a secure, managed dual path alarm and CCTV communications monitoring service designed for IP networks, and has now installed over 40,000 devices globally. With offices in the UK, the Netherlands, and Australia, Emizon offers IP signalling. The business will use the term facility to repay shareholder loans and buyback shares owned by passive shareholders. The loan will also be used to fund developments to its products, and recruit in business development to further explore international opportunities.
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John Swingewood, executive chairman said: “Since I first invested in Emizon along with a number of partners back in 2010, Emizon has continued to grow producing year on year improved profitability. We are now in a strong position to look ahead to the future and felt OakNorth Bank had the best approach and understanding to support us in restructuring the company. We are now well-placed for the next phase of providing standards-compliant mission-critical IOT signalling to new vertical sectors.”
Unlike many banks that are retrenching from the market since the UK’s Brexit vote in June, OakNorth – which provides business loans typically ranging between £1m-£15m – says that it’s increasing its lending.
Rishi Khosla, co-founder and chief executive of OakNorth Bank, said: “The UK is the sixth largest exporter of security equipment in the world, and despite ongoing uncertainty caused by Brexit, the government expects to double the value of these exports by 2020. With its market-leading technology, innovative approach, and experienced senior management team, Emizon is well positioned to take advantage of growing demand for security tech, and continue to dominate in this sector.”
