Inabox Group has secured merger and acquisition funding of up to $3 million as part of an expanded agreement with the Commonwealth Bank.
The financing agreement includes a merger and acquisitions facility of up to $3 million for future acquisitions and a working capital facility of up to $1 million.
It expands on the existing Anittel finance facility of $3m for Cisco HCS and network equipment and includes additional finance for up to $4 million of Cisco HCS and network equipment.
According to a company statement, the purchases of iVox, Neural Networks and most recently Anittel, have demonstrated that Inabox can successfully grow through acquisition.
The merger and acquisition facility will be used for acquisitions, which are strategically aligned and accretive for shareholders.
The expanded asset finance facility will support continued growth of the HCS Platform, which generates substantial recurring revenues from the Tasmanian Government, under a long-term agreement.
It also allows Inabox to expand its network to support the rapid growth of the enablement business (30,000+ services) and next-generation voice and data services.
The working capital facility will replace a number of other existing transactional facilities and provides additional capital for growth.
Inabox Managing Director, Damian Kay, said the CBA had been a great supporter of Anittel for many years, providing leasing facilities for the Cisco HCS Platform.
"We are delighted that CBA has increased Anittel’s existing facility and will be providing new facilities, which will help accelerate growth across the whole Inabox Group," he said.
We look forward to working with CBA and implementing our previously announced growth initiatives in the remainder of FY15 and FY16.”