(PRWEB) September 27, 2005
IXEurope, Europe's fastest growing specialist datacentre services group with eight locations in the UK, France, Germany and Switzerland, has secured funds of Â32 million to support its ambitious and rapid growth programme.
In the six months to 30 June 2005 IXEurope's revenues grew by 47% to Â15.3 million, up from Â10.4 million. The Group had a compound annual revenue growth of 39% over the last three years to June 2005.
CIT Bank Limited will provide the Group with a structured debt package of Â20 million and a Â7 million bridge facility. In addition, the Group has agreed a further Â5 million funding from its two principal shareholders: European Acquisition Capital and Bank of America.
The Group has repaid its Â5 million loan facility with the Bank of Scotland.
Guy Willner, Chief Executive Officer, IXEurope said:
"During the last year, we have shown real and strong organic and acquisitive growth with monthly recurring revenue up by 35% to Â2.3 million and a continuously positive trend of underlying EBITDA growth, now in excess of 10% each quarter.
"Our strategy is to take advantage of the rapid changes and opportunities in the datacentre markets, particularly now that business continuity has become such a business critical issue.
"Having consolidated our position in four geographic markets, these funds will provide us with the resources to make a significant step up in our rate of growth by actively pursuing acquisitions. We are currently looking at a number of opportunities."
Graham Randell, Managing Director, CIT Commercial Finance Europe, commented:
"We are very pleased to be partnering with IXEurope. It has grown strongly and steadily since its inception and has proved its business plan and capabilities. We hope to develop this partnership in the future as the Group continues to grow."
IXEurope (http://www.ixeurope.com) 020 7533 6618
Guy Willner, Chief Executive
Karen Bach, Chief Financial Officer
College Hill 020 7457 2020
Adrian Duffield/Clare Warren
Note to editors
IXEurope provides outsourced datacentre services and hosted solutions management in four countries - UK, Germany, France and Switzerland - through its network of datacentres.
As a specialist in datacentre services, IXEurope offers its customers access to flexible outsourced solutions while they maintain overall control of their projects. By continually focusing on quality, IXEurope gives clients cost effective access to expertise and exceptional service levels.
IXEurope delivers its services to systems integrators and IT consultants; hosting and managed service providers; and network service providers. Working in partnership with our solution providers, IXEurope datacentres house IT and networking systems for global enterprises, financial institutions, government agencies and e-commerce and mid-sized companies. IXEurope's backers include Bank of America Equity Partners and European Acquisition Capital. For more information please visit the website at http://www.ixeurope.com
CIT Bank Limited is a wholly owned subsidiary of CIT Group Inc a Fortune 500 company, (NYSE: CIT), a leading commercial and consumer finance company. CIT Bank is a UK-based provider of leveraged and structured finance to the Private Equity Sponsor market and also infrastructure clients. CIT Group Inc, has approximately 6,000 employees in locations throughout North America, Europe, Latin and South America, and the Pacific Rim has nearly $60bn in assets under management. For further information, visit http://www.cit.com.
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