Anam Secures Debt Funding From BMS Finance

20 Nov 2017 | 10.28 am

Anam Secures Debt Funding From BMS Finance

BMS Finance lends SMEs €500k to €5m

20 Nov 2017 | 10.28 am

Anam Technologies, a specialist in mobile messaging, has sourced loan finance from BMS Finance, replacing Bank of Ireland as the company’s long-term funding provider.

Anam said the loan will enable the company to accelerate its international market expansion and build out on a number of recent contract wins with clients such as Telenor Group, Deutsche Telekom and Digicel Group. The company employs over 50 people and has overseas presence in Czech Republic, Jamaica, Malaysia, Malta, the UK, Pakistan and Vietnam.

Anam’s niche is SMS firewall and Application to Person monetisation. The company’s products filter billions of messages for over 370 million mobile subscribers in more than 65 countries. Anam owns the worldwide patent for Home Routing, a technique invented by John Murtagh, Anam CTO in 2006 and fundamental to SMS firewalls ever since.

Anam chairman Darragh Kelly said that the company’s turnover has grown significantly through 2017 by securing contracts with major mobile operators. “Some of these companies have in excess of 35 million subscribers, requiring a tier 1 comprehensive solution that can handle huge volumes of A2P SMS Messaging traffic,” Kelly explained.

“Anam won these contracts because it has mature technology, a methodology to drive operator revenue, and a clear customer focus, delivered by a professional team. Projects of this scale require funding and we felt BMS were the ideal partner to support us on these developments.”

Anam Technologies Ltd booked a net loss of €780,000 in 2016, bringing accumulated losses to €5.7 million. The deficit in shareholders’ funds was €760,000 at year-end and in the accounts filing the directors stated: “The directors recognise the company’s continuing losses, but arising from the investment by the shareholders and debt finance secured subsequent to the financial year end, consider it appropriate to prepare the financial statements on a going concern basis, as the company has the ability to manage and pay its day to day expenses as and when they fall due.”

Anam’s abridged balance sheet discloses debtors nearly doubling to €2.5m through 2016. Total liabilities increased to €3.9m. The company had 33 people on the payroll in 2016, up from 24 the year before, and the total staff costs overhead amounted to €2.4 million.

Darren Hough, investment manager at BMS Finance, stated: “We are delighted to support Darragh Kelly and his ambitious team. This is our fourteenth investment since our launch in Ireland. We have invested in multiple sectors and funded for acquisitions, capex, management buyouts and shareholder restructurings.”

BMS Finance lends to high growth companies at or approaching profitability, with operations in Ireland that require between €0.5m and €5m of debt to finance working capital, capital investment, acquisitions, MBOs or other specific growth-related opportunities.


Photo: Darren Hough (left) and Darragh Kelly

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