Last updated: April 1, 2016
2 minutes read
IT finance operation now owned by bank will divert direct customers to parent
Syscap. a UK IT finance provider is to become 100% channel, diverting its customers in professions, education institutes and SME businesses to its new parent company, Wesleyan Bank.
Wesleyan Bank is a wholly owned subsidiary of Wesleyan Assurance which is part of the specialist financial mutual, Wesleyan Group. Wesleyan acquired Syscap in February 2015 due to its focus on the professions market and aspirations to grow its long term lending book in the SME and IT asset spaces. Together the Bank and Syscap employ 120 staff from three UK office locations situated in Birmingham, New Malden and Northwich.
Philip White, Managing Director of Syscap, comments, “Syscap has been at the forefront of the IT finance industry for over 25 years. More recently, we have seen a real shift from vendors simply thinking of finance as a way to overcome budget objections to using it to drive other buyer behaviour, from transitioning to SaaS models or encouraging customers to lock into longer term support and maintenance contracts.
The successful integration has enabled Syscap to extend its comprehensive payment over time solutions to cover software, hardware, services, maintenance and support. It also provides funding to assist IT vendors to invest in new technologies, such as data centres, and increase margin on their deals by prime contracting customer contracts through purchasing the required partner services and licenses upfront in bulk.
Additional investment has been made to strengthen Syscap’s partner portal to offer more relevant sales and marketing content, in addition to providing extended training and support services to better assist IT vendors and resellers. To keep things simple, there will be no changes to existing payment agreements for customers of IT vendors and resellers who have live lease or loan products with Syscap, or through one of its funding partners, it says.