TIMIA closes $2 mln revenue funding deal with Beanworks Solutions

TIMIA Capital Corp has agreed to provide $2 million in revenue financing to Beanworks Solutions Inc, a Vancouver developer of accounting workflow automation solutions. TIMIA will deploy $500,000 at the time of the deal’s closing and make further disbursements linked to the company’s revenue growth. Beanworks, established in 2012, is led by Co-Founder and CEO Catherine Dahl. TIMIA, a Canadian specialty finance firm, provides funding to technology companies in exchange for a royalty on revenue.

PRESS RELEASE

TIMIA Capital Announces New Investment into Beanworks Solutions Inc.

VANCOUVER, BC – TIMIA Capital Corporation (TSX-V:TCA) (“TIMIA” or the “Company”) is pleased to announce that it has closed its fifth revenue financing deal into Beanworks Solutions Inc. (“Beanworks”).

The financing is for a total of $2 Million, of which $500,000 has been advanced upon closing of the transaction. Further disbursements are tied to the revenue growth of Beanworks over a fixed period of time.

Beanworks automates accounting workflow to empower teams to succeed. From purchase order to electronic payment, Beanworks integrates with multiple accounting software platforms to make accounts payable simple and delightful. Beanworks recently announced a major partnership with Sage, the market leader for integrated accounting, payroll, and payment systems.

TIMIA recently disclosed total first quarter revenue financing payments received of $235,000, a quarter over quarter increase of 11.3%. TIMIA expects continued growth in revenue financing payments received based upon both the revenue growth of the existing investments as well as the addition of Beanworks to the portfolio.

“TIMIA continues to execute on its plan of making focused investments into software companies with strong customer retention and substantial year over year growth rates” commented Mike Walkinshaw, CEO of TIMIA. “We look forward to continued growth through the year”.

The forward-looking statements in the previous two paragraphs are subject to the disclaimer contained below.

Source: TIMIA Capital Corp

Photo courtesy of Beanworks Solutions Inc