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LONDON - Tialis Essential IT Plc (AIM:TIA), a mid-market IT managed services provider, has acquired a 14.4% equity stake in Digital Petcare UK Limited as part of a loan refinancing arrangement, according to a press release statement issued Wednesday.
The refinancing follows Tialis’ acquisition of Digital Petcare’s loan announced on July 1. Under the terms of the arrangement, Tialis has converted £500,000 of debt into equity, refinanced £700,000 into a new 24-month loan at a 12% interest rate, and received £285,000 in loan repayment.
Digital Petcare, which provides technology solutions for the veterinary sector, now has over 1,200 sites using its platform in the UK and is focusing on expansion both domestically and internationally.
"Digital Petcare has come a long way with its solution, with a now constant flow of new clients signing up every month and continuing to win market share," said Ian Smith, Executive Director of Tialis, in the statement.
The refinancing aligns Tialis with Digital Petcare’s directors and other shareholders, including founder and CEO Susie Samuel, as the company pursues further growth.
Tialis Essential IT is listed on London’s AIM market under the ticker TIA.
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