Funds will accelerate new product delivery and expand sales/service globally
LITTLETON, MA, July 20 /CNW/ - Wellington Financial LP, a privately-held specialty finance firm, today announced it has provided debt financing for Marathon Technologies Corporation of Littleton, Massachusetts. Many of the world's leading companies and solution providers rely on Marathon's everRun(R) software to prevent data loss and completely eliminate downtime for their business and mission critical applications. The financing provides the company with additional working capital to accommodate its continuing growth objectives. Marathon's primary venture capital investors include Longworth Venture Partners, Atlas Venture and Sierra Ventures.
"As expectations and requirements for application availability continue to increase worldwide, Marathon has clearly created the superior solution that is both simple and affordable," said Craig Netterfield, Senior Vice President at Wellington Financial. "With over 3000 customers worldwide, we are pleased to partner with the Marathon team and to provide the capital required to continue their rapid pace of growth."
Marathon Technologies has developed an innovative fault tolerant, high availability and disaster recovery failover solution, preventing downtime. Their everRun technology proves that "Always On" IT does not have to be expensive or labour intensive.
"Wellington Financial's strong understanding of our business, coupled with a flexible and attractive financing structure that met our needs, allowed us to experience an efficiently run due diligence process and timely close," said Daniel Sullivan, CFO for Marathon Technologies. "We are pleased to partner with a premier North American venture debt firm like Wellington."
Choate LLP and Goodwin Procter LLP, both of Boston, provided legal advice on this transaction.
Wellington Financial LP is currently managing a $450 million investment program via Wellington Financial Fund III, with offices in Toronto, Canada and Santa Monica, California. Since 2004, Wellington Financial LP has led or participated in more than $300 million in transactions, making it one of the most active funds of its kind in North America.
About Wellington Financial LP
Wellington Financial LP is a privately-held specialty finance firm providing revolving lines of credit, term, venture and amortizing loans up to $40 million. Wellington Financial LP is currently managing a $450 million investment program via Wellington Financial Fund III, 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 Fund III. LPs 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 www.wellingtonfund.com/blog.
About Marathon Technologies
Marathon keeps applications running for over 3,000 companies in more than 30 countries. From email to electronic records, factory floors to trading floors, 911 call centers to emergency rooms, our everRun(R) application availability software proactively prevents application downtime. As experts in application availability, we've applied what we've learned from working with the world's leading companies and application providers to deliver innovative software and services that prevent downtime, eliminate data loss, and reduce operational costs. For more information on ensuring non-stop business operations, please visit us at www.marathontechnologies.com.
SOURCE Wellington Financial LP
For further information: For further information: Amy Olah, Marketing Manager, Wellington Financial LP, Tel: (416) 682-6002, firstname.lastname@example.org