London-based investment bank, ARC Associates, acted as financial advisor and arranger of a €15M (circa US$ 21.4M) three year revolving credit facility with Investec Bank plc in London, a facility modification and increase of the original €7M facility due to expire in December 2011.
Sonim Technologies, www.sonimtech.com is the provider of the world's most rugged, water-submersible mobile phones designed specifically for workers in challenging outdoor and industrial environments. Sonim's industry-leading three-year comprehensive warranty has redefined customer expectations of rugged technology. Sonim provides a suite of high-performance workforce management applications including push-to-talk and lone worker safety services on cellular networks. The company is headquartered in San Mateo, California and offers its products in over 50 countries.
ARC Associates supported the Company throughout the transaction from deal structuring, bank due diligence, negotiating key terms of the financing through to transaction completion.
The Company intends to use the proceeds for general working capital purposes in anticipation of expected sales over the facility term. Bob Plaschke, CEO of Sonim, said: “ARC Associate’s understanding of the nuances of raising capital enabled Sonim to modify and extend its debt facility while providing the maximum amount of flexibility in terms of structure.”
Bob Plaschke added, “Sonim has enjoyed a long-term relationship with ARC Associates and we view the successful completion of this transaction as another key milestone in that relationship. Growth companies need strong relationships with their key advisors and banks. ARC has assisted us in both building the company and in securing financing for that growth in some of the most difficult credit market conditions in the past decade.”
ARC Associates is a specialist investment bank and advisory firm serving the Telecommunications, Alternative Energy Technologies, Property, Information Technology, Media, Financial Services and other selected sectors.
Contacts:
John Allen
ARC Associates
Ph: +44 20 7614 4007
Pa-jaa@arcassociates.com
Bob Plaschke
Sonim Technologies
Ph: + 1 650-303-0520
Bob.Plaschke@sonimtech.com