Trading update and completion of loan facility

RNS Number : 2045A

GetBusy PLC

28 September 2020

 

28 September 2020

GetBusy plc

("GetBusy" or the "Company" or the "Group")

Trading update and completion of £2 million loan facility

GetBusy plc (AIM: GETB), a leading developer of document management and task management software, is pleased to provide a brief update on trading.  In addition, it confirms that, further to the announcement within the half-year results on 23 July 2020, it has signed a £2 million loan facility with Silicon Valley Bank (the "Facility").

Trading update

The Group's performance has remained robust since the half-year. 

SmartVault's annual contract value from new customers remains around 40% ahead of last year.  We have started the investments announced in July in SmartVault product capabilities and growth to drive sustained increase in shareholder value over the coming years. 

New business for Virtual Cabinet has also recovered and we are delighted to have secured an order from another Top 10 UK accounting firm. 

The customer base for GetBusy continues to grow, albeit still at modest levels, and product functionality has further improved, including the launch of our inbuilt digital signature solution, which has the potential to provide significant opportunity in this rapidly growing market.

We continue to look to the future with confidence.

Loan facility

The Facility provides the Group with additional working capital headroom, augmenting its strong cash position, to execute its accelerated investment plans for SmartVault.

The key terms of the facility are:

Facility amount	£2m
Term	3 years
Margin	3.25% - 3.75% above LIBOR
Commitment fee	35% of applicable margin
Covenants	Based on recurring revenue levels and liquidity coverage
Security	Group's assets and intellectual property in the UK, USA and Australia

Enquiries

GetBusy plc
Daniel Rabie (Chief Executive Officer)	[e-mail]
Paul Haworth (Chief Financial Officer)
Liberum (Nomad and Broker)
Cameron Duncan / Lauren Kettle / Louis Davies	[phone]

About GetBusy

GetBusy's document management and task management software enables over 65,000 professional paying users around the world to digitise their operations and be productive while working remotely.

Further information on the Group is available at www.getbusy.com/about/investors

 

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