Brandshield Systems - New bank facility to accelerate strategic progress

Brandshield Systems

04/10/2021 07:00

RNS Number : 8747N

Brandshield Systems PLC

04 October 2021

 

4 October 2021

BrandShield Systems plc

 

("BrandShield," the "Company," or the "Group")

 

New c. $2.5 million Debt Facility

 

New bank facility to accelerate BrandShield's strategic progress

 

BrandShield Systems plc (AIM: BRSD), a leading provider of cybersecurity solutions from brand protection to online threat hunting, in fast-growing markets including cybersecurity, e-commerce and technology-enabled businesses, announces it has entered into an agreement with Leumi Bank to provide a revolving MRR ("Monthly Recurring Revenue") credit line facility of up to 8 million NIS (c. $2.5 million) (the "New Debt Facility").

 

The two-year New Debt Facility, which can be extended upon request, includes a competitive interest rate and no associated requisite equity instruments or warrants. Drawdown of the New Debt Facility will be used to support the Group's ongoing growth.

 

The New Debt Facility allows drawdown of up to 4x MRR (net of churn) and includes covenants of a type typical of such an agreement.

 

As reported in the Company's interims results notified on 13 September, the Annual Recurring Revenue was $4.32m at the end of August 2021, having increased 79% since August 2020.

 

Yoav Keren, Chief Executive Officer of BrandShield, commented:

 

"We are delighted to have secured this new facility with Leumi - one of Israel's largest banks - providing a strong endorsement of our ongoing strategy. The support from this top tier financial institution will enable us to continue to drive our ambitious expansion plans as we remain acutely focused on broadening our reach and increasing our market share in the rapidly growing brand protection and online threat hunting industry.

 

We continue to see strong demand for our solutions and this additional strengthening of our balance sheet will ultimately accelerate our operational and strategic progress."

 

 

Enquiries:

 

BrandShield Systems plc
Yoav Keren, CEO
+44 (0)20 3143 8300
Spark Advisory Partners Limited (Nominated Adviser)
Neil Baldwin / Andrew Emmott / James Keeshan
+44 (0)20 3368 3554
Shore Capital (Joint Broker)
Toby Gibbs / James Thomas (Corporate Advisory)
Henry Willcocks (Corporate Broking)
+44 (0)20 7408 4090
Tennyson Securities (Joint Broker)
Peter Krens
+44 (0)20 3368 3554
Vigo Consulting(Financial Public Relations)
Jeremy Garcia / Antonia Pollock
brandshield@vigoconsulting.com
+44 (0)20 7390 0237

 

About BrandShield

 

BrandShield is a leading cybersecurity company founded in Israel by cybersecurity experts that protect the world's largest brands and consumers from phishing attacks, online fraud, and other online threats posed by dangerous cybercriminals. Through its AI/ML platform, BrandShield identifies, tracks, and eliminates online threats for global brands and organizations, including Bristol Myers Squibb, Levi's, NewBalance, Swisscom, and the Pharmaceutical Security Institute. BrandShield is quoted on the London Stock Exchange AIM under ticker symbol BRSD. To learn more about BrandShield, please visit the company website at www.BrandShield.com.

 

 

 

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