ClearStar secures recurring credit facility for approximately £5m
Clearstar Inc. (DI)
39.50p
17:04 16/11/20
ClearStar, the technology and service provider to the background check industry, announced on Wednesday that it has secured a recurring revenue credit facility with Silicon Valley Bank for approximately £5m.
ClearStar Inc. (DI / REG S)
48.50p
16:55 07/09/17
Software & Computer Services
2,441.17
16:59 26/04/24
The AIM-listed company the facility would mature on 19 October, with any funds drawn down subject to interest at competitive market rates.
According to the company, funds accessible via the facility will be used for working capital purposes to support the growth of business, as well as to facilitate the company in capitalising on the opportunities it was striving to enhance, particularly within direct services and medical information services.
Robert Vale, CEO of ClearStar, commented: "We are pleased to have received this funding from such a prestigious financial institution as we continue to receive increasing demand for our technologically-differentiated solutions, particularly for medical information services and directly from large corporates. This agreement with Silicon Valley Bank, which has a significant track record of supporting technology businesses, reflects their confidence in our potential and we look forward to deploying this capital to deliver sustained revenue growth."