Databarracks procures growth finance from Allica Bank for expansion
Databarracks has announced the procurement of a growth finance facility from Allica Bank, aimed at supporting the company's expansion efforts.
This strategic move follows Databarracks' recent acquisition of Glasgow-based PlanB Consulting, with the aim to enhance its Business Continuity and Resilience consulting practice.
The London-based company, which specialises in technology and business resilience, intends to utilise the funding to continue its growth trajectory amidst an increasing need for business and cyber resilience. The funds will be directed towards reinvesting in services, achieving organic growth, and potentially acquiring additional firms if suitable opportunities arise.
James Watts, Managing Director of Databarracks, commented on the development, "The importance of cyber resilience for businesses of all sizes cannot be overstated. Our view is that the only way to guarantee continuity is through a truly integrated approach. The problem is, there are no specialists left able to provide genuine end-to-end resilience services. Databarracks is proud to help organisations prepare for, respond to, and recover from the ever-growing cyber threat. We make enterprise-class continuity, security, and resilience accessible for all."
Watts added, "This growth finance facility from Allica Bank has given us the working capital headroom to continue our growth to reach more businesses, and potentially acquire other firms, too, if the right opportunity comes along. The dedicated support of our relationship manager and Allica's flexibility was vital in being able to get this done. We look forward to growing with them into the future."
Jon Bennett, Allica Bank's Growth Finance Sales Manager, expressed his enthusiasm about the partnership, stating, "We're delighted that Allica have been able to support Databarracks with this growth finance facility. By taking the time to understand their business and aspirations, we could see what a strong future they have ahead. We look forward to supporting them on that journey!"
Max Berglas, the dedicated relationship manager for Databarracks at Allica Bank, also remarked on the collaboration, noting, "Databarracks are an exciting London tech firm providing a vital service to UK businesses. I am really pleased to work directly with their team as they continue to expand."
Simon Turner from SJT Advisory Limited, who played a key role in connecting Databarracks with Allica Bank, highlighted the alignment between the two organisations. Turner stated, "Allica took a unique approach to understanding what the business wanted to do and its potential. Their customer-centric approach made them the ideal partner for Databarracks, who take a similar approach to their own clients. It's fantastic to support such an exciting business and help futureproof their growth."
Databarracks claims that the newly acquired funds will also enable them to make significant advancements in their service offerings, aiming to make enterprise-class continuity, security, and resilience accessible to a broader range of businesses. The growth finance facility is expected to provide Databarracks with the necessary capital to further solidify its position in the market and reach a wider audience.
Allica Bank, which views itself as a champion of established businesses in the UK, has been expanding its footprint in the financial sector through tailored banking solutions. Johnston notes that its focus on providing personalised services and understanding client aspirations has contributed significantly to the success of its partnerships.
The collaboration between Databarracks and Allica Bank is seen as a strategic alignment that will not only support Databarracks' growth but also contribute positively to the broader business landscape in the UK, especially in terms of enhancing cyber resilience.
