CIBC Innovation Banking Backs Madwire® with US$16 Million of New Financing
13 Noviembre 2019 - 8:30AM
Business Wire
CIBC Innovation Banking is pleased to announce two separate
transactions totaling US$16 million for Madwire®, LLC, a Fort
Collins, Colorado-based technology company which provides software
and services to meet the business management and marketing needs
for small-to-medium sized businesses (SMBs).
CIBC initially provided $10 million of working capital financing
to help support Madwire’s continued operational expansion.
Subsequently, CIBC provided an additional $6 million term facility
to finance Madwire’s October acquisition of SpaceCraft, a
cloud-based website development and management platform located in
Austin, Texas. This transaction is Madwire’s second in the last 15
months, following the acquisition of payments company, SilverEdge,
in 2018.
“Madwire has established itself as a major tech company in
Northern Colorado. They have a clear product vision and through
their efficient growth, have built a scalable software platform
alongside a flexible professional services organization,” said
Charlie Kelly, Managing Director with CIBC Innovation Banking’s
Denver office. “Madwire has also capitalized on a strong brand to
attract talent.”
Madwire helps SMB owners manage and grow their businesses
quickly and easily with a suite of powerful and easy-to-use
technologies all in a single platform, Marketing 360®. Customers
are able to subscribe to the platform on a Do-It-Yourself (“DIY”)
basis or leverage Madwire’s deep expertise and account management
resources with a Do-It-For-Me (“DIFM”) model.
The SpaceCraft acquisition further extends Madwire’s technology
platform and will accelerate growth on the company’s path to
fulfilling its mission to help SMBs succeed. SpaceCraft’s nearly
10,000 customers has expanded Madwire’s overall paid subscribers to
more than 20,000 SMBs. The retained Austin office will serve as a
launchpad for future growth and talent acquisition.
“CIBC’s approach to supporting high growth software companies
was a great fit for Madwire,” noted CFO, Matt Bryson. “They had a
flexible solution to our initial capital need, and then responded
quickly to support our acquisition. We appreciate their partnership
and long-term view on the value that our team is creating.”
About CIBC Innovation Banking
CIBC Innovation Banking delivers strategic advice, funding, and
cash management to North American innovation companies at each
stage of their business cycle, from start up to IPO and beyond.
With offices in Atlanta, Austin, Chicago, Denver, Menlo Park,
Montreal, Reston, Toronto and Vancouver, the team has extensive
experience and a strong, collaborative approach that extends across
CIBC’s commercial banking and capital markets businesses in the
U.S. and Canada. CIBC Innovation Banking is a brand name under
which CIBC and CIBC Bank USA provide products and services.
About Madwire, LLC.
Madwire, LLC is a technology company that provides business
management and marketing software and services for SMBs and
franchises. Madwire’s brands — Marketing 360®, Websites 360®,
SpaceCraft™ and Top Rated Local® — enable SMBs to do everything
from building a website, to accepting payments, managing leads and
customers, appointments, online reviews, social media, business
listings, content marketing, multi-channel digital advertising
campaigns and more. Madwire was founded in 2009 with the mission of
enriching communities by helping small businesses grow. Madwire is
headquartered in Fort Collins, Colorado with an additional office
in Austin, Texas.
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version on businesswire.com: https://www.businesswire.com/news/home/20191113005465/en/
Kathryn Lawler, 416-242-1943 kathryn.lawler@cibc.com
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