Mon, 16/04/2018 - 10:44
Beringea has advised and arranged debt funding worth up to GBP2 million to Edesix Ltd, a manufacturer of Body Worn Camera solutions.
The Edinburgh-based company will use the funding, provided through Beringea’s ProVen Legacy debt vehicle, to support the expansion of its sales operations as it targets growth in the US market.
Edesix’s VideoBadge wearable camera system enables users across a wide range of industries - from law enforcement and security to healthcare, retail, and public transport - to record high-quality video and encrypted footage. The company’s VideoManager software facilitates efficient and secure monitoring and control of cameras, as well as video editing and the preparation of evidence packages. Customers include ScotRail and G4S, as well as several local and regional police forces, including Police Scotland, the Police Service of Northern Ireland (PSNI), West Midlands Police, and Cambridge Constabulary.
Founded in 2002 and with a staff of around fifty working from its Edinburgh headquarters, Edesix will use the funding from ProVen Legacy to support recruitment and operational expansion as it looks to grow sales in the US market in particular. The company is opening a new office in New Jersey later this month, with an experienced member of the UK sales team relocating to join current staff and new hires. Edesix also expects to launch new products which will enhance the current offering to the Video Management Systems (VMS) market, whilst continuing to support and enable market growth within the US.
Richard McBride, CEO of Edesix, says: “We’d been in conversations with Beringea for a couple of years before confirming this funding, and found them to be the perfect partner to help us at this vital stage in our journey as we look to grow our presence and sales in the US market. ProVen Legacy is helping us do that without having to raise additional equity. We’re grateful for the support, and look forward to working with the team.”
ProVen Legacy was set up by Beringea in 2017 to help investors mitigate inheritance tax using Business Property Relief, an incentive established by the UK government to encourage investment into trading businesses. Investors in ProVen Legacy will benefit from up to 100 per cent inheritance tax relief on the value of their shares, provided that they have been held for at least two years at the time of death. Investments will be used to support growing companies across a range of industries as they enter the later stages of their scaling journeys, offering loans of up to GBP5 million.
Mark Taylor, head of growth finance at Beringea, says: "Edesix has built an impressive business in the UK over a number of years, and we are pleased to be supporting its growth into the US market - a major milestone for any UK business - through ProVen Legac.”
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