VANCOUVER, BC – TIMIA Capital Corporation (TSX-V:TCA) (“TIMIA” or the “Company”) is pleased to announce that it has closed its fifth revenue financing deal into Beanworks Solutions Inc. (“Beanworks”).
The financing is for a total of $2 Million, of which $500,000 has been advanced upon closing of the transaction. Further disbursements are tied to the revenue growth of Beanworks over a fixed period of time.
Beanworks automates accounting workflow to empower teams to succeed. From purchase order to electronic payment, Beanworks integrates with multiple accounting software platforms to make accounts payable simple and delightful. Beanworks recently announced a major partnership with Sage, the market leader for integrated accounting, payroll, and payment systems.
“Beanworks prides itself on being a Canadian company and we’re thrilled to partner with a successful Canadian capital firm like TIMIA Capital,” said Catherine Dahl, CEO of Beanworks. “The revenue-based funding model that TIMIA offers companies is truly unique in the Canadian tech sector and an opportunity we were unable to find anywhere else. With TIMIA’s lower cost of capital structure, we are able to add this type of funding to expand our operations without disincentivizing our current investors.”
TIMIA recently disclosed total first quarter revenue financing payments received of $235,000, a quarter over quarter increase of 11.3%. TIMIA expects continued growth in revenue financing payments received based upon both the revenue growth of the existing investments as well as the addition of Beanworks to the portfolio.
“TIMIA continues to execute on its plan of making focused investments into software companies with strong customer retention and substantial year over year growth rates” commented Mike Walkinshaw, CEO of TIMIA. “We look forward to continued growth through the year”.
The forward-looking statements in the previous two paragraphs are subject to the disclaimer contained below.
About TIMIA Capital Corporation
TIMIA Capital Corporation is a specialty finance company that provides revenue financing to technology companies in exchange for a royalty stream on revenue. The alternative financing option complements both debt and equity financing, while allowing entrepreneurs to retain control of their business. TIMIA’s target market is the fast-growing business-to-business software-as-a-service (SaaS) segment. TIMIA is managed by a seasoned investment team with a track record of originating and managing debt and equity investments, as well as monitoring, compliance and workouts. For more information about TIMIA Capital Corporation, please visit www.timiacapital.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
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TIMIA Capital Corporation
Disclaimer for Forward-Looking Information
Certain statements in this release are forward-looking statements. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. The Company disclaims any obligation to update the forward-looking statements except as required by law.