TORONTO, Oct. 23 /CNW/ - Wellington Financial LP, a privately held
specialty finance firm, today announced a $2.5 million venture debt financing
for Truition Inc. ("Truition"), a leading On Demand eCommerce software
provider for retailers and brand manufacturers. Proceeds from the financing
will be used to accelerate the company's global expansion strategy.
"Truition's On Demand eCommerce technology offers a strategic advantage
to companies looking to leverage the enormous potential of the global
eCommerce market." said Mark Usher, Partner at Wellington Financial. "We are
very pleased to be partnering with Truition by providing them the True Growth
Capital that will enable their next phase of impressive growth."
Truition has evolved into a global leader in the field of eCommerce
Platform technology, with more than 125 customers in eight countries.
Organizations that trust their eCommerce operations to Truition include Sirius
Satellite Radio, Konami Digital Entertainment, ShopNBC, CompUSA and Edwin
Headquartered in Toronto, Truition has offices in Boston, London, UK and
Jena, Germany. Truition was recently ranked among Canada's fastest growing
technology companies by winning the 2007 Deloitte Technology Fast 50 award.
"Truition's new partnership with Wellington Financial will help fuel our
rapid growth pattern as we assert a global leadership position in the
eCommerce marketplace," said Bill Wignall, Chief Executive Officer of
Truition. "Demand for Truition's unique eCommerce technology continues to rise
in both the retail and manufacturing sectors, and access to capital is a
critical component of continued success for our organization."
Stikeman Elliott LLP and McCarthy Tétrault LLP provided legal advice for
Wellington Financial LP is currently managing a $400 million investment
program via Wellington Financial Fund III. Since Fund III began operation in
September 2006, Wellington Financial LP has led more than $95 million of
transactions, making it one of the most active funds of its kind in Canada.
About Wellington Financial LP
Wellington Financial LP is a privately held specialty finance firm
providing operating lines of credit, term, venture and amortizing loans up to
$40 million. Wellington Financial LP is currently deploying a $400 million
investment program via its third fund. The funds' clients vary in size and
business model, but generally have current year revenue of approximately
$5 million. 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 Fund III. Limited partners include
several of Canada's largest institutional investors, crown corporations,
financial institutions and pension funds. Please visit the fund website at
www.wellingtonfund.com, or the Wellington Financial team blog at
Founded in 1998, Truition is the leading On Demand eCommerce platform for
retailers and manufacturers. With more than 125 customers in 8 countries,
Truition provides its client base with a unique combination of technology and
professional services, allowing these organizations to effectively outsource
core elements of their eCommerce operations. Truition is headquartered in
Toronto, Canada, with offices in Boston, London and Germany. Additional
information on Truition is available at www.truition.com .
For further information:
For further information: Amy Olah, Marketing Manager, Wellington
Financial LP, firstname.lastname@example.org, Tel: (416) 682-6002; Lisa McGregor,
Marketing Manager, Truition, email@example.com, Tel. (416) 673-4233