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
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
It is also using the loan to expand its
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
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
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
2013 saw Rekoop reach the final of the coveted
‘Supplier of the Year’ at the British Legal Awards for the fourth
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.