MANAGEMENT

Loan a fillip for Envirosuite growth plans

ENVIRONMENTAL intelligence technology provider Envirosuite has secured a loan of up to $7.5 million from Silicon Valley-based lender Partners for Growth, to fund bundled software and hardware contracts.

 Envirosuite secures loan

Envirosuite secures loan

The debt finance facility will also fund Envirosuite's working capital requirements.

Envirosuite chief executive officer and managing director Jason Cooper said the facility would support certain contractual arrangements where customers bundle instrumentation, software and support components into recurring payments over the contract term.

"We're pleased to announce the facility, which strategically aligns with our core business objectives to drive growth, create long-term customer value and leverage the increasing opportunity to bundle software and hardware into our industrial customer contracts," he said.

"The availability of the facility to fund the bundled contracts adds to the company's contracted and recurring revenue profile and is the best strategic match for the company's purposes."

Cooper said with the loan secured, Envirosuite had no plans to raise further capital.

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