CIBC Innovation Banking Backs Madwire® with US$16 Million of New Financing
DENVER--(BUSINESS WIRE)--Nov 13, 2019--
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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CONTACT: Kathryn Lawler, 416-242-1943
KEYWORD: COLORADO UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: PROFESSIONAL SERVICES DATA MANAGEMENT TECHNOLOGY SOFTWARE FINANCE VENTURE CAPITAL BANKING
SOURCE: CIBC Innovation Banking
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PUB: 11/13/2019 09:30 AM/DISC: 11/13/2019 09:30 AM