|By PR Newswire||
|November 5, 2012 03:01 PM EST||
BOSTON, MA and TORONTO, ON, Nov. 5, 2012 /PRNewswire/ - Wellington Financial LP, a privately-held specialty finance firm, today announced that Wellington Financial have provided a US$2.4 million venture debt financing for TIM Group. TIM Group is a SaaS developer of applications serving the financial services industry. Under the terms of the venture loan facility, Wellington Financial provided a term loan of $2.4 million to TIM Group and Barclays Bank provided an additional £500,000 overdraft facility.
"TIM Group generates new revenue for administrators, brokers and other customers. Delivering market-beating analysis to investors, TIM Group is a trusted partner to both investors and service providers," said Craig Netterfield, Senior Vice President of Wellington Financial LP. "With significant revenue growth since 2005, TIM Group is a leader in all of the markets in which they operate. We are delighted to add TIM Group to our portfolio."
Richard Koppel, CEO of TIM Group said, "Partnering with Wellington Financial provides us with additional growth capital to support new exciting initiatives for investors and non-equity products. With Wellington's impressive track record of financing high growth companies, we look forward to working with them."
TIM Group is backed by leading venture capital firms, including Commonwealth Capital, GrandBanks Capital and JL Albright Ventures.
About Wellington Financial LP
Wellington Financial LP is a privately-held specialty finance firm providing term, venture and amortizing loans up to $30 million. Wellington Financial LP is currently managing a $500 million investment program with offices in Toronto, Canada, and Santa Monica, California. Wellington Financial LP is managed by a partnership controlled by fund management and Clairvest Group Inc. (CVG:TSX), who jointly have contributed a large financial stake to the Fund. LPs include several of Canada's largest institutional investors, pension funds, family offices and crown corporations. Please visit the fund website at www.wellingtonfund.com, or the Wellington Financial team blog at www.wellingtonfund.com/blog.
About TIM Group
TIM Group provides alpha generating information technology, consulting and services to the financial services industry. The company's focus is on helping buy and sell-side firms and administrators maximize their intellectual property to generate more revenue. TIM Group is employee owned with outside venture capital investors that include Commonwealth Capital Ventures of Boston, GrandBanks Capital of Boston, and JLA Ventures of Toronto.
Barclays is a major global financial services provider engaged in retail banking, credit cards, corporate and investment banking and wealth management with an extensive international presence in Europe, the Americas, Africa and Asia. With over 300 years of history and expertise in banking, Barclays operates in over 50 countries and employs over 140,000 people. Barclays moves, lends, invests and protects money for customers and clients worldwide. For further information about Barclays, please visit our website www.barclays.com
SOURCE Wellington Financial LP
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