Software & Technology

Intrepid is pleased to announce the completion of a growth capital raise for its client, Solid Commerce, a leading player in the Software-as-a-Service (SaaS) eCommerce space. With the support of its new partners, Silicon Valley-based Montage Capital and Silicon Beach-based SaaS Funding, both of whom are minimally dilutive providers of growth capital to technology businesses, Solid Commerce will accelerate the implementation of its growth initiatives, including sales and marketing, improved UI/UX, and continued marketplace expansion. Intrepid acted as the exclusive financial advisor to Solid Commerce.

“We are very proud of the platform that we have built. Recently, we have enhanced the user interface and introduced several new features that provide our customers with unprecedented access to the burgeoning online marketplace environment, which in turn, has attracted tremendous demand from end users and large industry partners,” said Eran Pick, CEO of Solid Commerce. “This growth investment will allow the company to continue aggressively expanding and further solidify its position as the market leader in retail eCommerce software.”

The success of the Solid Commerce platform is based on the company’s unique ability to seamlessly integrate with businesses of all shapes and sizes—from SMB, to mid-market to enterprise, across any end market. “Eran and his team have done a truly remarkable job in creating a transformational software platform catering to the large and ever-growing global retail eCommerce marketplace,” said Tristan Snyder, Co-Head of Intrepid’s Software & Services practice. “Eran engaged us to run a highly competitive, tailor-made process focused on value-added software and technology growth investors. We are privileged to have had this opportunity to help Eran and couldn’t be more excited about the future of the company.”

Headquartered in Marina Del Rey, Calif., Solid Commerce is the preeminent provider of retail eCommerce solutions that bind everything that is required to create a single seller experience for retailers online. Solid Commerce has won numerous industry accolades, including earning a position on the Inc. 500 in 2014 and being named a Top 10 Retail eCommerce Solutions Provider in 2015 by CIO Outlook.

Link to Press Release:

http://www.businesswire.com/news/home/20160804005292/en/Intrepid-Advises-Preeminent-Cloud-Based-Retail-eCommerce-Software

About Intrepid Investment Bankers

Intrepid provides M&A, capital raising and strategic advisory services to entrepreneurs and middle-market companies in various industry sectors. Our heritage, rooted in our founders’ successful 35-year history, breeds a culture that embraces teamwork, tenacity and creativity to win big for our clients. We believe that every company has an entrepreneurial passion that drives it and a story that defines it. Our team delivers results through skillful positioning of the client’s story and relentless execution. Based in Los Angeles, Intrepid augments its international capabilities through active membership in M&A International, an exclusive global alliance of M&A advisory firms.

The Company:
A leading provider of IT consulting and cloud collaboration solutions to the government, Fortune 500 companies, and medium size businesses.

The Financing Situation:
The Company engaged an investment bank to raise institutional mezzanine capital to finance its next phase of growth. During this process the Company had a short-term working capital need to fulfill a backlog of new service contracts and to stay current with existing vendors. The Company needed incremental capital beyond its borrowing base since new service contracts require upfront capex before the Company can start invoicing and generating accounts receivable.

The Solution:
Super G underwrote and closed a 2nd lien term loan within weeks to meet the Company’s timing needs. Super G provided a structured solution with a custom repayment schedule in partnership with the Company’s senior ABL lender, CapitalSource.  CapitalSource was a value added partner in terms of their service and speed, working with all parties to ensure timely execution and a successful closing.

For more information on Capital Source, please contact:
Patrick Brennan
Senior Vice President | Southern California
pbrennan@capitalsource.com

Gretchen Wile
Senior Vice President | Northern California and Pacific Northwest
gwile@capitalsource.com

About Us:
Super G Funding is an alternative lender with over $100MM in committed capital specializing in residual and cash flow loans.  Our mission is to fill the credit void in the lower middle market by providing non-dilutive, senior and subordinated debt solutions to businesses in need of financing for working capital, growth capital, acquisition capital, or special situation financing.  We lend up to $5MM per transaction in the form of a fully-amortizing cash flow term loan with a 6-36 month term (pricing contingent on credit profile).  We are a small, but nimble team and highly responsive. We have over 100+ borrowers around the country and are able to give quick responses and close deals rapidly.

The Company:

A sponsor-backed company which engineers, manufactures, and sources customized user-interface and product identification components for customers in the medical, aerospace, industrial, and consumer industries.

The Financing Situation:

The Company was in the process of transitioning from its commercial bank lender to an asset based lender, Marquette Business Credit, and Super G helped complete the financing structure.

The Solution:

Super G was able to get comfortable with the Company’s continued improvements, growth strategy and senior management team. Underwriting and approval process of the 2nd lien loan took place quickly allowing Marquette to present a comprehensive solution to its credit committee.  Super G’s  flexible structured solution, covenant light loan documents, and rapid decision making allowed for an efficient and seamless closing.

The Company: A fully-integrated digital media content company.

The Financing Situation:  The Company was in the process of raising venture capital to fund strategic acquisitions and other long-term growth initiatives.  During this process, the Company needed additional working capital to fund operations in order to maintain its growth trajectory.

The Solution:  Super G was able to quickly get comfortable with the Company’s value proposition, experienced management team, and institutional backer.  Most importantly, the Company demonstrated the ability to sufficiently debt service Super G’s amortizing term loan assuming the venture debt and Series B round did not close.  Super G structured a flexible 2nd lien solution subordinated to the Company’s senior lender, FastPay, a financial platform that provides credit and payment solutions to the global digital media industry.  Super G’s covenant light loan documents and rapid decision making allowed for an efficient and seamless closing.   Post-funding, the Company was able to successfully close its venture debt round.

For more information on FastPay, please contact:

Maytal Shainberg
Sr. Director, Engagement
maytal@gofastpay.com
www.gofastpay.com

About Us:
Super G Funding is an alternative lender with over $100MM in committed capital specializing in residual and cash flow loans.  Our mission is to fill the credit void in the lower middle market by providing non-dilutive, senior and subordinated debt solutions to businesses in need of financing for working capital, growth capital, acquisition capital, or special situation financing.  We lend up to $5MM per transaction in the form of a fully-amortizing cash flow term loan with a 6-36 month term (pricing contingent on credit profile).  We are a small, but nimble team and highly responsive. We have over 100+ borrowers around the country and are able to give quick responses and close deals rapidly.

 

The Acquirer:

Simply Color Lab, one of the nation’s top professional photography printers.

The Target:

ShootQ, a SaaS company that provides a complete studio management system made especially for photographers. ShootQ’s virtual management software assists its professional photography users in all facets of the sales process from tracking prospective clients, contract and payment management, to client product delivery, and much more.

The Financing Situation:

Simply Color Lab could not obtain enough availability from its senior lender to purchase ShootQ and fund growth.  Simply Color Lab needed a lender that would underwrite the monthly recurring revenue and cash flow of ShootQ rather than focusing on its assets, or lack thereof.  As with all acquisition deals, a quick close was required as well.

The Solution:

Super G was able to get comfortable with ShootQ’s subscriber statistics and monthly recurring revenue to finance a majority of the purchase price with the remainder coming from Simply Color Lab as equity.  Super G structured a non-dilutive 24 month solution for the acquisition that should be highly accretive as it allows Simply Color Lab to further expand its product and service capabilities to provide its customers with a quality management program that will create more efficient business practices and significant cross-selling opportunities.

SaaS Funding Initiative:

Super G Funding recently closed several Software-as-a-Service (SaaS) deals and continues to dedicate more resources to emerging SaaS companies. Super G’s capital is non-dilutive and based on Monthly Recurring Revenue (MRR) rather than profit in order to better enable companies to achieve scale and increase shareholder value. Super G’s SaaS lending product has successfully enabled companies to extend their runway and maximize valuations when pursuing venture capital.

The Company:

ClickNotices, Inc. is the leading Software-as-a-Service (SaaS) provider of court filing and delinquency management services to the multifamily industry. The Company’s cloud-hosted platform and expert court agents offload the administrative burden of managing late rent.  Every month, ClickNotices handles thousands of late rent cases, helping property managers minimize delinquencies, reduce legal costs, and simplify operations.

The Financing Situation:

ClickNotices was bootstrapped, growing quickly and recently turned profitable.  Its founders wanted to invest more aggressively in growth while minimizing dilution.  The Company wanted a financing partner that would provide capital based on a multiple of its recurring revenue and was capable of supporting its growth and possible acquisition strategy.

The Solution:

As a pioneer and market leader in residual loans, Super G was able to quickly understand and underwrite ClickNotices’ revenue stream.  Super G was able to structure non-dilutive growth capital based on a multiple of monthly recurring revenue and close within weeks.

MobileCause Positions Itself for Additional Product Advancement

Newport Beach, CA (July 21, 2015) – Super G Funding (‘Super G”), announced a significant investment in MobileCause, a California company, and leader in mobile fundraising and communication for nonprofits. MobileCause provides a cloud based online fundraising and communication platform for nonprofit organizations enabling them to raise more money at a lower cost.

Super G’s software division, SaaS Funding, provides recurring revenue software companies such as MobileCause with growth capital from $100,000 – $5 million. Super G is led by entrepreneur and payments veteran, Darrin Ginsberg. “MobileCause is extremely well-positioned for the rapid growth of mobile giving and a terrific match for our SaaS Funding product,” said Ginsberg.

“This investment will allow MobileCause to advance product development and accelerate sales and marketing” said Sean MacNeill, MobileCause CEO. “We are excited to be working with the Super G team and welcome the deep payments knowledge and relationships they bring to our mobile efforts.”

MobileCause provides a suite of products for a new generation of giving. Designed to help organizations gain donors, increase recurring gifts and engage supporters, products include Crowdfunding for nonprofits, merchant and payment services, text to donate and mobile alerts. National non-profit clients include: United Way, the Salvation Army, Boys and Girls Club of America and the American Heart Association.

About MobileCause
MobileCause provides cloud based online fundraising and communication software for nonprofit organizations enabling them to raise more money at a lower cost. Each powerful solution is designed to mobilize networks of volunteers, donors and staff while making it easy for people to give and stay connected from any device. Our suite of products: crowdfunding for nonprofits, comprehensive online giving, dynamic event fundraising, text to donate keywords, mobile marketing and smart data records, is designed for a new generation of giving for mobile, online and social. Customers can be up and running in hours with no technical skills required. MobileCause provides turnkey merchant and payment services at a simple flat rate that includes a specialized mobile payment app for nonprofits. Each plan includes dedicated strategy support from fundraising experts. Featured clients include United Way, The Salvation Army, American Heart Association, University of Southern California, Habitat for Humanity and many more.

The Company:

A leading designer and manufacturer of software, hardware and related accessories for professional audio recording and live sound applications worldwide.

The Financing Situation:

The Company had engaged an investment bank to arrange a more flexible credit facility that would scale with the Company’s anticipated growth.  To avoid pressures on shipping windows during the investment banking process, and pending completion of a new senior debt facility, the Company projected extra working capital requirements which created a need for 2nd lien debt capital that could close quickly.

The Solution:

Super G underwrote and approved a 2nd lien term loan within weeks and worked in partnership with the existing senior lender on an intercreditor agreement to close the transaction quickly given the time sensitivity.   Super G was able to address the short-term capital need with a structured solution that provided a custom repayment schedule and our covenant light documents made it easy for the investment bankers to continue their debt raise process.  Following the closing, the Company was successful in replacing its senior capital with a more flexible lender.