STUDIO CITY, CA and TORONTO, Oct. 8, 2015 /CNW/ - FilmTrack, the global leader in content and rights management for the worldwide media and entertainment industry, has secured an additional US$10 million in growth capital. The new investment is comprised of US$5 million in venture debt financing from Wellington Financial LP, a privately-held specialty finance firm, and US$5 million in debt financing from Silicon Valley Bank.
FilmTrack streamlines the complex intellectual property management lifecycle with its flexible and powerful cloud-based platform. Its applications suite spans sales, finance and legal functions and is available from any connected computer or device. Many of the world's top media and entertainment companies, such as CBS, HBO, DreamWorks Animation, Endemol, National Geographic, eOne and Miramax rely on FilmTrack to provide visibility and access to their valuable intellectual property.
FilmTrack CEO Jason Kassin said: "This additional capital gives us the ability to increase our production innovation and support our expansion into new markets, both vertically and geographically. It also enables us to continue to acquire strategic technologies and services."
Eric Speer of Wellington Financial noted, "FilmTrack's impressive customer list demonstrates how important their cloud-based platform is in managing and monetizing intellectual property for many best-in-class companies around the world. Wellington's patient capital is the perfect fit for this high growth story."
FilmTrack is backed by venture capital investors Insight Venture Partners and the Sandberg-Goldberg Trust.
About Wellington Financial LP
Wellington Financial LP is a privately-held specialty finance firm providing term, venture and amortizing loans up to $40 million. Wellington Financial LP is currently managing a $900 million investment program with offices in Silicon Valley, Santa Monica and Toronto. 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, crown corporations, financial institutions and pension funds. Please visit the fund website at www.wellingtonfund.com.
About FilmTrack Corporation
For two decades, FilmTrack has been transforming the way the media and entertainment industry monetizes, measures and delivers its content and related assets across every point in the intellectual property lifecycle. FilmTrack's cloud-based software platform streamlines the complex intellectual property management process – from project inception to distribution – and provides a holistic view into critical data supporting rights, availabilities, contracts, invoicing, licensing, revenue recognition, royalties and workflow management. Backed by Insight Venture Partners, FilmTrack serves as both a front and back office to hundreds of clients worldwide including CBS, DreamWorks Animation, Endemol, eOne, Miramax, National Geographic and Starz. Visit www.filmtrack.com to learn more.
SOURCE Wellington Financial LP
For further information: On behalf of FilmTrack: Jonathan Bing, Bing Communications Group, (323) 839 7284, [email protected]; On behalf of Wellington Financial LP: Susan Mocherniak, Wellington Financial LP, Tel: (416) 682-6007, [email protected]