An Oxford cloud technology provider has secured a mammoth £3.5 million government Coronavirus Business Interruption Loan Scheme (CBILS).
Founded in 2010, Extrinsica Global, the Oxford Science Park-based firm, is a hyperscale cloud solution provider, specialising in building and managing complex cloud solutions in Microsoft Azure – a key part of the Microsoft hyperscale cloud environment. The business has capitalised on the rapid uptake in digitalisation, as organisations have had to adapt their working environments and operating processes during the pandemic.
Having secured a £3.5m CBILS loan from alternative lender Boost & Co, the business intends to accelerate its current R&D programme and expand its team of experts.
Chief executive at Extrinsica, Simon Smith, said: “In the hyperscale cloud environment there is a capability to implement new ideas quickly and introduce cutting-edge platform services, neither of which can be matched by traditional in house IT teams.”
Lauren Couch, principal at Boost & Co and head of the Bristol office said: “Extrinsica has taken the opportunity for growth via a CBILS loan. A business that is contributing to the growth and digitalisation of other organisations is one that BOOST&Co is thrilled to support.”
The £3.5m loan will be used primarily to accelerate the development of intellectual property that Extrinsica has been working on for the last 18 months. The technology will dramatically improve the productivity of the firm’s development and operations engineering team and ultimately enable the business to employ more junior engineers.
The business will double the size of its R&D team and expand its sales function in line with plans to scale its operations, as more businesses seek to begin their digital transformation journeys.