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Sept. 28, 2020, 2:41 a.m. EDT

GetBusy secures loan facility, sees robust trade

By Joe Hoppe

GetBusy PLC said Monday it has signed a 2 million pound ($2.5 million) loan facility with Silicon Valley Bank to execute its accelerated investment plans for SmartVault, and that trading has been robust since the half year.

The AIM-listed developer of document-management and productivity software said it has secured the three-year facility for general working capital purposes, and to further develop its SmartVault document management and portal software. It carries covenants based on recurring revenue levels and liquidity coverage, and is secured against the company's assets and intellectual property in the U.S., U.K. and Australia.

SmartVault's annual contract value from new customers remains around 40% ahead of last year, while new business for the Virtual Cabinet segment has also recovered, with an order secured from a top 10 U.K. accounting firm, GetBusy said.

The company added that its customer base continues to grow, albeit at modest levels, and product functionality has further improved, which it said has the potential to provide significant opportunity in a rapidly growing market.

Write to Joe Hoppe at joseph.hoppe@wsj.com

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