The UK government's export credit agency has helped a County Down tech business secure landmark financing to grow and meet demand from Silicon Valley buyers.
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A UK Export Finance (UKEF) guarantee to lender HSBC UK has allowed Banbridge business EOS IT Holdings to access up to $100 million in credit
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This new financing fuels the company's ambitious growth plans, which include the creation of up to 100 local jobs over the next two years
UK Export Finance (UKEF) has announced a guarantee for up to $100m of new support TO help a Northern Ireland tech firm meet growing international demand for its products and services.
Banbridge-based EOS IT Holdings has received a guarantee from UKEF to access up to $100 million from an HSBC UK Standby Letter of Credit facility.
The firm sells audio-visual and video-conferencing technology as well as related design, installation and support services. It manages a network of international subsidiaries from its headquarters in County Down.
EOS expects to invest in more equipment and create up to 100 jobs in Northern Ireland over the next two years as part of its growth plans.
Chancellor of the Exchequer Jeremy Hunt said:
Our exporters are pivotal in growing the economy, supporting jobs, innovation and investment across the country. This is a great example of how the UK supports its businesses to propel them into the international market.
UKEF is the UK's government export credit agency, helping businesses across Great Britain and Northern Ireland to access the finance and insurance they need to win, deliver and ensure payment for export contracts.
Elizabeth McCrory MBE, UKEF Export Finance Manager for Northern Ireland, added:
As a specialist supplier of conferencing technology to global brands, EOS is a Northern Irish business at the forefront of a growth industry. I'm proud to see how UK Export Finance is helping owners and entrepreneurs reap the benefits of international trade.
Laura Murray, MD Head of Sales, Global Trade & Receivable Finance, HSBC UK commented:
HSBC UK are delighted to have delivered this $100m facility with UKEF for our client EOS which is in the fast-growing tech space. As EOS is a global business, HSBC UK is uniquely positioned to support them with our wide geographic network. In conjunction with UKEF, HSBC UK through its Global Trade & Receivable Finance team has delivered a facility of a significant quantum which will allow for EOS to take advantage of a new opportunity to grow their business, internationally.
This UKEF and HSBC UK-backed transaction highlights the extent of new financing support available for local businesses in Northern Ireland. Last year, UKEF announced that it had helped to secure a £50 million financing package for Ballymena manufacturer Wrightbus.
The announcement also follows the 2023 Northern Ireland Investment Summit, delivered by the Department for Business and Trade. The summit showcased Northern Ireland's innovation and deep expertise in industries of the future, including advanced manufacturing, health and life sciences, and - as in the case of EOS - technology.