Eagle Eye extends credit facility with Barclays

RNS Number : 8128S

Eagle Eye Solutions Group PLC

28 June 2018

 

28 June 2018

Eagle Eye Solutions Group plc

("Eagle Eye", the "Group", or the "Company")

Eagle Eye extends credit facility with Barclays to support Tier 1 expansion and wins
 

The Company has agreed a £2.0m extension to its existing facility with Barclays Bank PLC ("Barclays"). As a result the Company now has a £5.0m revolving credit facility available until 30 June 2020.

Eagle Eye has demonstrated its ability to both win and deploy significant Tier 1 contracts over the last 12 months with Loblaw in Canada going live, the deployment of the AIR platform to deliver improved digital customer marketing for John Lewis and extending services with our other Tier 1 customers. The funds available through the new facility will strengthen the Company's balance sheet as it deepens relations with existing Tier 1 customers and explores opportunities with new ones both nationally and internationally.

Tim Mason, Chief Executive Officer, commented:

"I am pleased by Barclays' confidence in our growth prospects. Over the last 12 months we have made significant improvements to our product including the addition of the digital wallet to our loyalty offering, allowing all available data relevant to a single customer to be held in a single 'digital container'. As the loyalty market moves to meet increasing customer expectations of personalisation we are well positioned to exploit the major growth opportunities open to our business both in the UK, and internationally with this innovation.''

For further information, please contact:

Tim Mason, Chief Executive Officer Lucy Sharman-Munday, Chief Financial Officer	Tel: [phone]
Investec (Nominated Advisor and Broker)
Corporate Finance: David Anderson / Sebastian Lawrence Corporate Broking: Sara Hale	Tel: [phone]
Hudson Sandler
Andrew Leach / Hattie O'Reilly	Tel: [phone]
Information on Eagle Eye www.eagleeye.com

Eagle Eye is a leading SaaS technology company that enables businesses to create a real-time connection with their customers.

The Company's digital marketing platform, Eagle Eye AIR, enables the secure issuance and redemption of digital offers and rewards at scale, across multiple channels, enabling a single customer view. Our platform creates a network effect between merchants, distributors and brands enabling stronger connections and value to all parties, allowing them to reduce cost, improve their customer offer and accelerate their innovation.

The Company's current customer base comprises leading names in UK grocery, retail and hospitality including John Lewis, Asda, J Sainsbury, Greggs, JD Sports, Marks & Spencer, Mitchells & Butlers, Pizza Express, Tesco and Loblaw in Canada.  

 

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