Gouda, 17 November 2016
Every Angle Software Solutions and the European Investment Bank (EIB) announce the closure, under the “InnovFin – EU Finance for Innovators” programme, of a EUR 7,5 million loan agreement. Every Angle will use these funds to expedite and enhance its Software Solution Innovation Programme.
EIB Vice-President Pim van Ballekom commented: "This InnovFin transaction will enable Every Angle to scale up operations quickly in a highly competitive market, thus also contributing to the creation of highly skilled jobs by supporting the company’s expansion plan. The business analytics and analytics platforms markets are two of the fastest growing software markets and Europe needs companies like Every Angle to keep its competitive and innovative edge."
"Supporting scale-ups and market-creating innovation is at the centre of the EU's strategy for creating jobs and growth for the benefit of our citizens. This deal illustrates that innovation in the digital sphere is crucial for the economy and that Horizon 2020 supports companies throughout the innovation cycle.” said Carlos Moedas, Commissioner for Research, Science and Innovation.
InnovFin is a joint initiative launched by the European Commission, the EIB and the European Investment Fund (EIF) under Horizon 2020, the EU research and innovation programme, in order to help innovative firms access finance more easily. Until 2020 the InnovFin programme will offer a range of tailored financial product for research and innovation (R&I) by small, medium and large companies and the promoters of research infrastructures.
“With assistance of Deloitte, we’ve chosen this growth investment instrument from the EIB to support our product innovation and international growth ambition,” says Fred Hermans, CEO of Every Angle. “We considered several more traditional financing methods—such as bank financing and venture capital—but in the end we have chosen this financial instrument for its flexibility, availability and interesting conditions’’.
This funding enables Every Angle to accelerate and enhance its innovation programme designed to expand its business user self-service software solution in the following areas:
- run supply chain analytics real-time on the SAP-HANA-database,
- include the capability of Every Angle to open up other data sources than SAP
- expand the standard content and analytical templates that are shipped with the solution.
The funds also provide the fuel for building the international sales and marketing organisation.