12 Jul 2018
The aviation fuel problem - a process in need of evolution
Find out how Close Brothers Technology Services helped i6 Systems bring new levels of efficiency to a 30 year old aeroplane refuelling process, from introducing real-time fuel monitoring technology to improving connectivity between all stakeholders.
i6 Systems supplies many of the major global airports’ ground fuel operations and airlines with an integrated real time fuel management software platform.
The company, a software solutions provider specialises in providing business critical applications and uses patent pending proprietary technology that includes the use of Google and IBM cloud infrastructure together with integrated mobile devices and applications.
A key requirement was to ensure an agreement was reached was for an integrated end-to-end software solution to support one of the worlds largest airport operations.
This was because the existing loan arrangement – financed by an alternative vendor - between i6 and a leading airline was not fit-for-purpose and did not meet the airline’s needs.
The success criteria were;
- Include the settlement and termination of the existing agreement
- Structure an agreement in the name of i6 Systems
- Match the existing deal profile structure between i6 Systems and their client
To ensure i6 Systems met the customer’s objectives and requirement, they worked closely with Martin Cadby of Close Brothers Technology Service and agreed:
- Residual Value Lease arrangement of three years for the hardware with a loan for the soft cost element in the name of i6 Systems with a guarantee of a 3rd party service provider
- i6 Systems would take ownership of the hardware and sell it back to Close Brothers Technology Services, which would be leased back in line with the service contract across the desired time period
- A hardware lease proposed at three years (with an option for technical refresh) and the loan agreement proposed at five years to align with the contract term
The proactive nature of the Close Brothers Technology Services team to react quickly and demonstrate a problem-solving approach that added value for the customer.
Not only did the new deal meet all the accounting requirements, the residual value solution provided an additional layer of flexibility for the customer allowing them to replace the rugged tablet device (hardware) anytime between years three to five.
i6 Systems is now engaged with Close Brothers Technology Services on other similar proposals as the business continues to grow and develop in the UK.
“Close Brothers were proactive in finding a finance solution that suited our business and the specific needs of our customer (the airline). The support provided by the CBTS team was to an excellent standard and I would have no hesitation in recommending them.” Steven Uhrmacher, Sales Director, i6 Systems
This project included: Technology Funding