BrandShield Systems (BRSD ) has entered into an agreement with Leumi Bank to provide a revolving monthly recurring revenue credit line facility of up to 8 million NIS (c. $2.5 million).

The London-listed cybersecurity solution provider detailed that the new facility includes a competitive interest rate as well as no associated requisite equity instruments or warrants. 

The drawdown of the new debt facility, which can be extended upon request, will be used to support BrandShield’s ongoing growth, the Group told investors. The security provider offers solutions in markets such as cybersecurity, ​​from brand protection to online threat hunting.

As reported in the Company’s interim results notified on 13 September, the annual recurring revenue was $4.32m at the end of August 2021, having increased 79% since August 2020.
CEO, Yoav Keren, commented: “We are delighted to have secured this new facility with Leumi - one of Israel’s largest banks - providing a strong endorsement of our ongoing strategy.”

He said the support from a top tier financial institution will enable the Group to drive its expansion plans as it remains acutely focused on broadening its reach and increasing its market share in the rapidly growing brand protection and online threat hunting industry.

He said as BrandShield continues to see strong demand for its solutions, that this further strengthening of the balance sheet will accelerate its operational and strategic progress.

In its recently published half-year results for the six months to 30 June 2021, BrandShield said it had seen strong new business momentum as its customer base increased from 23 to 100.

At the time, the Group reported that sustained traction for its products had continued into 2H21 as the Company’s focus on the top line and customer conversion came into fruition. 

The Group said its new business pipeline ‘remains strong reflecting ongoing market demand for BrandShield’s cybersecurity solutions of Brand Protection and Online Threat Hunting.’

As a result, the Company informed its shareholders that it remains ‘well placed’ to benefit from these ongoing trends and that the Board is confident in the Company continuing to trade strongly in the second half of 2021 and performing in-line with expectations for the full year. 

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