TIMIA Capital Corp has supplied a $2 million facility to BasicGov Systems Inc, a Vancouver-based government software solutions provider.
The three-year investment facility was advanced in full to the company.
Led by CEO Mike Togyi, BasicGov offers a cloud-based operations management platform that enables governments of all sizes to modernize licensing, inspection, planning, permitting, code enforcement, fund accounting and payment-billing systems.
Vancouver-based TIMIA provides growth financing to technology companies in exchange for a royalty on revenue.
TIMIA Completes $2 Million Financing for BasicGov
Efficient and focused government solution built on the Salesforce.com platform selects TIMIA for flexible growth capital
VANCOUVER, BC – March 4, 2019 – TIMIA Capital Corporation (“TIMIA” or the “Company”) (TSX-V:TCA) today announced that it has entered into a 3 year, $2 million investment facility for Vancouver-based software company, BasicGov Systems, Inc. (“BasicGov”). The full financing amount of $2 million was advanced Friday March 1st.
“We’re providing flexible growth capital and supporting the team at BasicGov to help accelerate their revenue growth,” said Greg Smith, CIO of TIMIA. “The team has done a great job of building a much needed, efficient and focused government solution built on the Salesforce.com platform. It is an honor that BasicGov chose TIMIA to support them on their path to increasing annual recurring revenue.”
“The team at TIMIA offered a solution that was the right fit for us,” said Mike Togyi, CEO of BasicGov. “Finding flexible and non-dilutive financing solutions to help us to continue our 40%+ growth is not easy in the software as a service or SaaS sector. We look forward to partnering with TIMIA through the course of our financing facility with them.”
TIMIA is continuously seeking new and exciting investments in the software as a service or SaaS industry. Under TIMIA’s revenue-based financing model, TIMIA advances capital to a SaaS business with a recurring revenue stream that allows the portfolio company to make monthly payments to TIMIA that are a combination of principal and interest with a repayment schedule sculpted to the portfolio company’s revenue streams. The amounts advanced are secured and may be repaid early. The Company expects to make further investments in the coming months, in the pursuit of its business model, which is to earn a combination of monthly payments and periodic gains on investments.
About BasicGov Inc.
BasicGov enables Governments of all sizes to transform how they do business. BasicGov is a comprehensive cloud-based operations management platform that enables state and local governments to modernize licensing and regulation, land management, and community development operations so they can cut costs while ensuring the efficient delivery of quality services to citizens. We are proud to host critical operations for public agencies such as the Region of Peel, Orange County, New York City and US states that include Washington, Ohio, Arizona and Colorado to name a few. For more information please visit www.basicgov.com.
About TIMIA Capital Corporation
TIMIA Capital Corporation is a specialty finance company that provides growth capital to technology companies in exchange for payments based on monthly revenue. This alternative financing option complements both debt and equity financing, while allowing entrepreneurs and existing stakeholders to retain ownership and control of their business. TIMIA’s singular focus is the fast growing, global, business-to-business Software-as-a-Service (or SaaS) segment. We align ourselves with entrepreneurial management teams growing their sales from $1 Million to $10 Million in Annual Recurring Revenue. For more information about TIMIA Capital Corporation, please visit www.timiacapital.com
For more information, please contact:
Vice President, Capital Markets & Communications
Mike Walkinshaw, CEO
TIMIA Capital Corporation