DENVER, CO and PLANO, TX, April 3, 2019 /CNW/ - CIBC Innovation Banking has provided $5 million in working capital financing for Geoforce, a global provider of field asset tracking solutions. The company will use the debt capital to help accelerate its product delivery and execute on its client growth strategies.
Geoforce uses proprietary hardware and software solutions to help companies in the energy, transportation and services sectors track large assets around the globe, including monitoring equipment movements and performance in field locations that may not be covered by cellular networks.
"Deep energy sector expertise led to Geoforce's early success, and the team has demonstrated its ability to expand the company's solutions across diverse markets," said Charlie Kelly, Managing Director with CIBC Innovation Banking's Denver office. "We're pleased to see that major transportation, logistics and agriculture companies are coming on board as clients."
With a new headquarters in Plano, Texas, Geoforce continues to expand its global footprint, adding team members in cities across the U.S., Brazil and Australia. The company also recently completed an acquisition of Cartasite, resulting in a new product and sales team in Denver.
"We are excited to have a flexible financial partner with CIBC Innovation Banking, a team whose broad technology industry experience was instrumental to building the deal," said James MacLean III, CEO and founder, Geoforce. "They recognized the value in our strong recurring revenue and blue chip clients, and were willing to customize a debt solution that worked for our business."
About CIBC Innovation Banking
With offices in Denver, Menlo Park, Montreal, Reston, Toronto and Vancouver, CIBC Innovation Banking delivers strategic advice, cash management and funding to North American innovation companies at each stage of their business cycle, from start up to IPO and beyond. The team has extensive experience and a strong, collaborative approach that extends across CIBC's commercial banking and capital markets businesses in Canada and the U.S.
CIBC is a leading North American financial institution with 10 million personal banking, business, public sector and institutional clients. Across Personal and Small Business Banking, Commercial Banking and Wealth Management, and Capital Markets businesses, CIBC offers a full range of advice, solutions and services through its leading digital banking network, and locations across Canada, in the United States and around the world.
Combining a cloud-based software platform with rugged GPS tracking devices and global satellite and cellular networks, Geoforce's Track and Trace solutions bring control to often chaotic field operations. With over 800 customers tracking more than 100,000 assets in 70+ countries, the company operates the world's largest network of connected field equipment within the oil & gas industry, and its solutions are used in many other field operations intensive industries, including agriculture, construction, mining, transportation, and logistics. Headquartered in Dallas, Texas, Geoforce has R&D offices in Bozeman, Montana, sales and support offices in Houston, Texas, Denver, Colorado, Arroyo Grande, California, Macae, Brazil, and Melbourne, Australia, and sales and service professionals in West Texas, South Louisiana, and Ohio. For more information, visit www.geoforce.com.
SOURCE CIBC Innovation Banking