BOSTON, MA and TORONTO, ON, Nov. 5, 2012 /CNW/ - 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
For further information:
Wellington Financial LP
Tel: (416) 682-6007