The discounting of receivables by some leading specialist software companies enables them to have bilateral finance agreements with their public-sector customers but assign the payments on a non-recourse basis to Paragon Bank Technology Finance. This process allows the vendors to secure on-going relationships with their customers and recognise a sale of software in a method that is compliant with the Sarbanes-Oxley Act of 2002.
For example, a leading London-based NHS Trust teaching hospital recently acquired the use of licences and maintenance for a fixed annual repayment of £200,000 payable over a 4 year term. The cost of maintenance and support is fixed for the term, avoiding annual increments payable if only a one-year licence is acquired.
We offer a variety of finance solutions to the media & technology industries.
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Why use Paragon Bank Technology Finance? I met with Gareth Wilding a few times and was always impressed that he understood the industry – he knew the products and he knew the vendors. The rates they offered were similar or better than what we could get with major banks, plus along with that I didn’t have to explain what a Baselight was. It’s the ease of working with them that makes them special.
MD, Prime Focus London PLC