Milton Keynes-based adam HTT, which facilitates the delivery of public sector contracts, has secured a GBP5 million investment from alternative lender BOOST&Co.
The business plans to use the GBP5 million term loan to accelerate the roll-out of its in-house “early payment” facility, which will support the 2,000 suppliers already on the adam HTT platform, by giving them easier access to working capital.
Primarily active in the health and social care sectors, adam HTT helps its public sector customers automate their supply chain management processes, centralise supplier payment functions and ensure a smoother supply process. With chief executive Chris Wilson at the helm, the company now manages GBP430 million of local authority spending, while consistently delivering a high-value service for its public sector customers.
During the initial outbreak of Covid-19, adam HTT’s platform played a crucial role in allowing its NHS partners to understand infection rates in their local community. This meant patients could be better sheltered from Covid-19 hotspots and the NHS had improved transparency over the spread of the virus.
BOOST&Co chose to invest in the business after witnessing strong year-on-year growth, as adam HTT continues to manage a significant volume of local authority spending and drive efficiencies within its customer base.
The lender is a leading provider of growth capital for innovative, fast-growing UK SMEs and offers loans ranging from GBP1 million to GBP10 million, covering a wide range of sectors, with a strong track record in technology, media and telecommunications (TMT). It has funded more than GBP500 million across more than 130 deals to date and provided close to GBP200 million under the government’s CBILS initiative to support SMEs during Covid-19.
Paul Martin, chief financial officer at adam HTT, says: “This is a significant investment for the company and one which will help us to offer new services to our current customers. Innovation and productivity are at the heart of what we do, and this funding will enable us to drive further efficiencies and continue to grow and thrive.
“BOOST&Co is a company that shares our vision for innovation and one that understands the scale of potential we have. We are very pleased to have secured their support.”
Martin King, principal at BOOST&Co, says: “We look for businesses that demonstrate a combination of entrepreneurialism and dedication to innovation, and adam HTT is the perfect example of this.
“The firm is constantly looking to improve its service model and is entering an exciting phase of growth, with almost half a billion pounds of local authority spending passing through the platform. We’re delighted to be working with such a skilled team and are sure that our investment will give them the impetus to achieve their current objectives and step into their next phase of growth.”
