Thursfields Solicitors has advised award-winning IT business cloudThing on the agreement of new loan facilities with Clydesdale and Yorkshire Bank, part of Virgin Money.
The funding is to support a recapitalisation aimed at positioning the Worcestershire tech company for continued growth and success.
cloudThing, based in Belbroughton, near Stourbridge, was established in January 2011, and is already ranked as one of the fastest-growing 100 tech companies in the UK.
The company specialises in designing, creating and automating new bespoke digital solutions. These solutions aim to deliver digital transformation, efficiency and artificial intelligence to make organisations more productive and efficient to meet ever-evolving IT needs.
cloudThing was advised by the corporate team at Thursfields Solicitors, including corporate director Gareth Burge and solicitors Joe Rollins and Reece De-Vaney.
The new facilities will enable cloudThing to expand its service in its central government, non-profit and membership sectors with continued investment in IP to complement the Microsoft Power Platform, develop its data services practice and invest in additional delivery centre capacity through a strengthened and committed management team.
Gareth Burge said: “cloudThing is a fast growing and innovative business. We are delighted to have advised on this latest transaction and look forward to supporting the business going forward as it continues to scale up. This is the latest in a series of deals for our corporate/commercial tech team – a sector that has seen huge activity for us over the last 6 months”
Jay Neale, CEO of cloudThing said: “As a growing business, it is important for us to work with advisers who understand us and offer practical advice. Thursfields do just that. Gareth, Joe and Reece worked closely with our management team to deliver the project expertly and on time, and we look forward to working with them as we continue to build for the future”
The Clyesdale team was led by Martin Aston. Other deal advisors included Pippa Hawkes of BSN Associates, Roy Farmer and Rob Wilson of Dains and James Dyson and Ashika Patel of Freeths.