Cirrus completes multi-million-pound refinancing
HMT LLP has advised Surrey-based Cirrus Response on their multi-million-pound debt refinance.
Founded in 2013 and backed by BGF since 2020, Cirrus offers an omni-channel Contact Centre-as-a-Service platform that seamlessly connects conversations from voice and digital channels, including email, chat, messaging, social media, and online review sites. Their platform provides contact centre agents with a “single pane of glass” view of the customer, irrespective of the channel. Cirrus takes pride in its open approach to integrating with 3rd party applications and incorporating market-leading AI capabilities, empowering agents to deliver exceptional customer experiences and drive positive outcomes for businesses.
Having continued its rapid year-on-year growth, the company supports mid-market customers across both the UK public and private sectors including Premium Credit, the Greater London Authority, and the Royal Household where it is a Royal Warrant holder.
Since raising growth investment in 2020 with BGF, Cirrus has completed an intense investment phase to scale the business and has more than doubled their annual recurring revenue. As the business continues to grow profitably, the management team sought to refinance their existing venture loan with a more flexible debt structure that optimised the cost of capital and more closely reflected the increasing scale and maturity of the company.
HMT completed a fundraising advisory mandate, developing the credit proposition with the Cirrus team before leading a competitive funding process resulting in multiple attractive offers.
Jason Roos, CEO at Cirrus Response commented:
“Cirrus is continuing to expand rapidly alongside our channel partners by delivering innovative AI-CCaaS solutions that power agents to provide exceptional customer service. We were pleased to partner with HMT as our trusted advisers to support this key debt refinance. The team were able to combine a detailed knowledge of our business with extensive market experience to structure, source and close an attractive new funding facility for the business.”
HMT commented:
“Having followed Cirrus’ success over several years, I am delighted we were able to bring the strength of HMT’s fundraising advisory capability to the fore and to deliver an attractive debt package to support the continued growth of the business. By combining practical lending experience with independent advice, HMT is able to support high-growth technology businesses like Cirrus to communicate a compelling proposition that resonates with lenders, unlocking highly competitive terms through all fundraising environments.”
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