STAMFORD, Conn., May 21, 2020 (GLOBE NEWSWIRE) -- Finacity Corporation ("Finacity"), a member of the Greensill family of companies, announces the close of a trade receivables securitization program for Startek, Inc. ("Startek") in April 2020. The securitization program finances receivables originated by Startek's entities in the United States.
The securitization facility is funded by a U.S. Bank and its proceeds were used to refinance an existing asset-based loan facility. The securitization program achieved accounting derecognition per US GAAP.
Finacity provided analytic and structuring support and will serve as the ongoing transaction administrator.
The program is one of many deals closed since Finacity joined Greensill in June 2019, adding Finacity's world leading receivables securitization capabilities to Greensill's market leading financing capabilities for all aspects of working capital finance.
About Startek, Inc.
Startek is a leading global provider of technology-enabled business process outsourcing solutions. The company provides omni-channel customer experience management, back office and technology services to corporations around the world across a range of industries. The company has more than 47,000 outsourcing experts across 49 delivery campuses worldwide that are committed to delivering transformative customer experience for clients. Services include omni-channel customer care, customer acquisition, order processing, technical support, receivables management and analytics through automation, voice, chat, email, social media and IVR, resulting in superior business results for its clients. To learn more about Startek's global solutions, please visit www.startek.com.
About Finacity
Finacity, a member of the Greensill family of companies, specializes in the structuring and provision of efficient capital markets receivables funding programs, supplier and payables finance, back-up servicing, and program administration. Finacity currently facilitates the financing and administration of an annual receivables volume of approximately $100 billion. With resources in the USA, Europe and Latin America, Finacity conducts business throughout the world with obligors in 175 countries. For further information, please visit www.finacity.com.
About Greensill
Reformers at heart, Greensill challenges the status quo by working to make global finance fairer and levelling the playing field for all businesses and people alike. The company advances cash so the world can put it to work.
Founded in 2011, Greensill is headquartered in London with offices in New York, Frankfurt, Chicago, Miami, Singapore, Sao Paulo, Mexico City, Johannesburg, Sydney, Warrington and Bundaberg. Greensill provides innovative financing solutions to customers across Europe, North America, Latin America, Middle East, Africa, and Asia – injecting more than $150 billion of financing in 2019 to more than 8 million customers and suppliers across more than 175 countries.
For more information on this transaction, please contact:
Finacity Corporation
Daniel Stadnik
USA Tel: +1 (203) 428-3506
dstadnik@finacity.com
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