Posted: 01 May, 2019
LONDON – May 1, 2019 – Wells Fargo Capital Finance (UK) Limited, a unit of Wells Fargo Commercial Capital, announced today that it has provided a senior-secured credit facility for essensys, which provides software to the global coworking industry.
Wells Fargo’s credit facility of £11 million, including a £10 million term loan and a £1 million revolver, will support essensys in meeting its growth and working capital needs for the next phases of its strategy. This recurring revenue-based loan is structured accordingly to provide a flexible financing solution that helps the company continue its U.S. expansion to date.
“In Wells Fargo, we’ve found a funding partner who understands our sector and shares our views on the opportunities that the explosive growth of the flexible workspace industry will provide. The new facility will provide us with the capital that will help us to accelerate our growth and fulfill our ambitions,” said Alan Pepper, Chief Finance Officer of essensys.
“Leveraging Wells Fargo’s lending capabilities, as well as our technology sector expertise, we are delighted to provide a funding facility that will support essensys’ investment and growth ambitions,” said James Cunnah, associate director, Technology Finance, Wells Fargo Capital Finance UK. “This credit facility demonstrates Wells Fargo’s commitment to supporting innovative companies within the technology sector.”
Founded in London, UK, in 2006, essensys is a leading UK technology provider that has developed software which helps shared office operators to provision, manage, and monitor its information technology infrastructure and IT services and to manage their business operations more efficiently. essensys’ two platforms, Connect and Operate, simplify the day-to-day management of flexible workspace businesses, automating key tasks and processes, and allowing tenants to self-serve when booking meeting rooms and paying bills. essensys has an office in London, and in 2015 it opened an office in New York.
About Wells Fargo Capital Finance
Wells Fargo Capital Finance provides comprehensive asset-based lending, supply chain finance, and technology finance to a wide spectrum of companies across the UK. With offices in London, Birmingham, and Manchester, we bring a strong and proven track record of working with clients to develop their businesses. We deliver flexible financing options for companies facing a variety of situations, including: early and mid-stage turnarounds, growth, leveraged buyouts, refinancing, restructurings, mergers and acquisitions. As part of Wells Fargo & Company, a leading financial services provider with a long-standing reputation for strength and stability, we can also provide access to a wide range of products and services aimed at helping companies succeed.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a diversified, community-based financial services company with $1.9 trillion in assets. Wells Fargo’s vision is to satisfy our customers’ financial needs and help them succeed financially. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, investment and mortgage products and services, as well as consumer and commercial finance, through 7,700 locations, more than 13,000 ATMs, the internet (wellsfargo.com) and mobile banking, and has offices in 32 countries and territories to support customers who conduct business in the global economy. With approximately 262,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 26 on Fortune’s 2018 rankings of America’s largest corporations. News, insights and perspectives from Wells Fargo are also available at Wells Fargo Stories.
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