E-learning and workforce planning software provider Premier IT secures £1m loan to fund acquisitions in the healthcare sector
Premier IT, a provider of e-learning, workforce planning and performance software for the healthcare sector, has secured a £1m term loan that will be used to fund the acquisition of Zebra Workforce, a start-up business that specialises in creating automated employee schedules for the health and care workforces.
Premier IT provides its software to more than 200 customers, including GPs, hospitals and independent healthcare organisations, reaching healthcare professionals such as consultants, nurses, midwives and care support staff. Demand for its educational products is driven by the regulatory requirement for healthcare professionals to demonstrate continual professional development, as instructed by the General Medical Council.
The fast-growing business has completed three acquisitions in the past 12 months. Its acquisition of Zebra Workforce means that Premier IT can add workforce management software to its suite of products and can expand its offering to new and existing clients.
The alternative lender BOOST&Co chose to work with Premier IT due to the company’s strong reputation in a competitive sector driven by regulatory demand, also recognising that the firm’s recent acquisitions have left it well-placed for further growth.
BOOST&Co is a leading provider of growth capital for innovative, fast-growing UK SMEs and offers loans ranging from £1m to £10m, covering a wide range of sectors, with a strong track record in technology, media and telecommunications (TMT). It has funded more than £500m across more than 130 deals to date and provided close to £200m under the government’s CBILS initiative to support SMEs during Covid-19.
Ian West, chairman and founder at Premier IT, says: “Our target acquisition was achieved with funding from BOOST&Co. The process was efficient and the agreed timescales were met, which was vital in completing the acquisition. The team at BOOST&Co walked us through the various stages of the process, and they quickly understood both our business rationale and the benefits that the acquisition would bring.”
Kim Martin, principal at BOOST&Co, says: “Taking the opportunity to support Ian and the team at Premier IT was a straightforward decision for us, given the company’s impressive growth plans. The acquisition of Zebra is an exciting opportunity for the business, enabling it to enhance its customer proposition in a growing and increasingly important market.”