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06/03/2014

Time to grow for software developer with a £500,000 loan from The North West Fund for Loans Plus

A Manchester-based legal software company is expanding with the backing of a £500,000 loan from The North West Fund for Loans Plus managed by FW Capital.

Rekoop’s time-capture software currently helps legal professionals in 35 countries automatically complete their timesheets. Its blue-chip client list includes top legal firms such as DLA, Eversheds and Simmons and Simmons. 

FW Capital has structured the funding package to enable the company to develop Windows-based and Android versions of its Cloud-based software package, further strengthening its market position.

Rekoop currently employs 16 staff and plans to create 10 new sales, software development and administrative roles in 2014 with the backing of the loan from The North West Fund for Loans Plus.   

It is also using the loan to expand its Manchester office.

Having started off developing software to complement other vendors’ systems, Rekoop then moved on to develop its own software and today it is the leading provider of Cloud-based time-capture software.

“We’ve invested heavily in R&D since setting up in 2009 which has helped us develop our innovative software and also establish our market niche.  The legal sector is going through unprecedented change as firms look for efficiencies and this is an excellent opportunity for us.

“With the backing of the loan from The North West Fund for Loans Plus we can continue developing our software.  This will strengthen our competitive advantage considerably and enable us to focus on new opportunities.  FW Capital understood our vision and structured the loan to enable us to make capital investments without introducing additional cash-flow pressures,” explained Chief Financial Officer, Benn Latham.

Rekoop’s software, which is competitively priced and integrates with customers’ existing systems, can offer significant returns on investment.

The company is also a preferred partner of Advanced Legal, the UK’s biggest provider of chambers management systems.   

Chris Pestell, the Investment Executive at FW Capital who completed the loan, said: “Rekoop has developed a comprehensive product which offers customers a range of significant benefits such as enhanced time recording and increased billing.  It continues to win new customers and in just over four years has built up an enviable client list which includes five of the UK’s top legal firms.

“Building on these foundations and their considerable insight in the legal sector, Rekoop’s management team can now accelerate their expansion plans with the backing of this loan.  Our flexible loan structure enables them to fund their development costs and then repay the loan when the product goes on sale.”

2013 saw Rekoop reach the final of the coveted ‘Supplier of the Year’ at the British Legal Awards for the fourth consecutive year.

Globally, the Top 200 legal firms employ around 184,000 lawyers and earn revenues of US$109 billion and with almost 11,000 – mostly small - law firms in the UK, Rekoop’s potential market opportunity is huge.

The £45m North West Fund for Loans Plus is managed by FW Capital and can lend between £50,000 and £750,000 to North West businesses. It is part of the wider North West Fund, financed jointly by the European Regional Development Fund and the European Investment Bank.

North West Fund Loans Plus