Sohonet to receive multi-million pound growth finance package
Sohonet, a provider of network and connected cloud services to the global media and entertainment sector, has recently concluded a multi-million pound debt funding package with Clydesdale and Yorkshire Bank's Growth Finance team.
Sohonet has created the Sohonet Media Network, which is the world's largest independent media network and provides dedicated and secure connectivity with delivery certainty to more than 450 customers globally. Sohonet's customers include Technicolor, Universal and Warner Brothers.
The FPE Capital backed provider has been enjoying a period of accelerated growth and this latest deal will enable Sohonet to continue its impressive trajectory by investing in additional headcount across the business, with plans to increase employee numbers by 50% across the globe. This extra investment will also enable Sohonet to grow its operations and support functions so that existing customers can continue to be expertly supported while the organic growth will result in new collaboration partners joining the Sohonet Media Network.
Chuck Parker, Chairman and CEO of Sohonet said: "We are pleased to have received this funding package from Clydesdale and Yorkshire Bank's Growth Finance team, who quickly understood our business and service offering and delivered funding within 30 days of agreement of the term sheet. As we enter an important new phase of investment in growth, it is great to have the support of the bank."
The transaction was facilitated by Clydesdale and Yorkshire Bank's Growth Finance team, which operates UK-wide and provides debt packages for innovative and high-growth, venture capital or private equity backed technology businesses.
Stephen Fahy, a Senior Director in the Growth Finance team said: "We are delighted to have provided the funding to Sohonet and look forward to assisting them with their exciting growth aspirations in the coming years."