HMT LLP advises Surrey's Cirrus on multi-million-pound refinancing

By Tom Kilkelly

10 August 2023

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AI-Contact-Centre-as-a-Service software and solutions providers Cirrus, a company based in Surrey, is undergoing a multi-million-pound debt refinancing.

HMT LLP provided Cirrus with financial advice, completing fundraising advisory mandate and developing the credit proposition with the Cirrus team - before leading a funding process.

Founded in 2013, Cirrus specialises in providing an ''omni-channel Contact Centre-as-a-Service platform''. The service is powered by AI and connects conversations from voice and digital channels, including email, chat, messaging, social media, and online review sites.

Since raising growth investment in 2020 with BGF, Cirrus completed its investment phase in a bid to scale the business, resulting in a doubling of annual recurring revenue.

Jason Roos, CEO at Cirrus Response, said: “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. Jack and 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.”

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This refinancing comes with management at Cirrus seeking to refinance their existing venture loan with a more flexible debt structure.

Spokesperson for advisors HMT, Director Jack Longden, said: “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.”

By Tom Kilkelly

Tom Kilkelly started working as a freelance journalist for The Business Magazine following his graduation from UCL in 2022.

During his studies Tom became very interested in the works of Irish authors including Samuel Beckett and Flann O'Brien (Brian O'Nolan).

His current role as a freelance business reporter is his first exposure to the world of business journalism. Working at TBM has given Tom the chance to really get to grips with the goings-on in the business hive that is the South East.