UK banking tech firm Cennox gets £24m funding from RBS and NatWest
The funding will be used for Cennox’s growth plans, which has included the completion of a series of “significant” acquisitions over the last 12 months. These include the European division of a financial security firm, 3SI Security Systems; Acketts Group, a UK-based ATM installer; and the UK and Ireland business of Diebold Nixdorf.
Stefan Gunn, director at NatWest Structured Finance, says: “Cennox is a fantastic business, which has a strong market position and an ambitious and highly capable management team.”
Cennox’s solutions include product supply, servicing, maintenance and support services. Established in 2006, it also has offices in Manchester and London, Europe and the US.
The company says it “emerged in response to a gap in the market for the installation, management and security of ATMs across its core markets”.
The firm has an £80 million turnover and employs 500 staff worldwide, with the number “expected to rise further as it embarks on further expansion”. Cennox is not limited to financial institutions as it also works in the airport security and retailing automation sectors.