- Vesper Technologies (Vespertec) to benefit from £900,000 UKEF support to an African cloud services company through its Standard Buyer Loan Guarantee
- Nairobi-based Atlancis Technologies received support from UKEF, enabling it to purchase IT hardware and software solutions from Vespertec, boosting the UK company’s export footprint.
- The partnership between the two companies will contribute to the digitization of key industries across Africa.
UK Export Finance (UKEF) has provided £900,000 in support to Atlancis, a Kenyan cloud services company, enabling it to forge a new relationship with UK exporter Vespertec to unlock growth opportunities in Africa.
UKEF offered a standard buyer’s loan guarantee to secure an export credit loan from Apple Bank, backed by its UK servicer and deal arranger AF Capital. Both AF Capital and Apple Bank specialize in export credit debt.
Launched in February 2021, the Standard Buyer Loan Guarantee allows UKEF to guarantee a loan of up to 85% of a contract’s value, ensuring UK exporters receive payment upfront and their buyers benefit flexible payment terms. The deal was brokered through UKEF’s international export finance executive who backs deals in East Africa.
Headquartered in Stockport, Cheshire, Vespertec is a leading provider of server, network and storage solutions to the data center and technology industries. With its in-house logistics capabilities, it deploys the full spectrum of IT hardware solutions around the world and, with turnover in excess of £20m, almost half of its business is export driven. With a number of deals in the pipeline, its partnership with Atlancis is expected to see Vespertec’s cloud hardware and software deployed across various sectors including telecom, healthcare and fintech.
UK companies like Vespertec are helping to accelerate the digitization of industries, creating more opportunities and driving growth in African economies.
Samir Parkash, interim chief executive of UK Export Finance, said:
UKEF’s support will help Vespertec strengthen its export business and expand into new markets. It shows the huge business opportunities open to British companies. You don’t have to be a large company to access support from UKEF; in fact, 81% of businesses supported by UKEF last year were small and medium-sized enterprises, the highest annual figure on record.
Vespertec is a great success story from a UK company exporting cutting-edge technologies around the world.
Steve Evans, Vespertec CFO, said:
With the support of UKEF, we are seizing a fantastic opportunity in Africa as part of our new partnership with Atlancis. We are excited for the future and the opportunity to increase sales in new geographies and sectors.
Philip Kaye, Director of Vespertec, added:
This agreement is among several of our recent successes that will create new roles in the business, strengthening our technical expertise and enabling Vespertec to meet increased demand for our products and services.
Dan Njuguna, Founder and CEO of Atlancis, said:
We are pleased to partner with Vespertec to support Kenya’s technology ambitions. Through collaboration, our clients will benefit from cutting-edge IT solutions that deliver real benefits for their business.
Andrew Woolfson, Partner at AF Capital, adds:
The SBLG product has been a substantial success for UK exporters. AF Capital and Apple Bank continue to be the main financiers of these transactions and will continue to expand with this product. With Vespertec and Atlancis as our partners on this particular project, it is a shining example of how these transactions can expand opportunities for UK exporters.
