CLAIRVEST ANNOUNCES WELLINGTON FINANCIAL PROVIDES $4 MILLION FINANCING FOR EEDO KNOWLEDGEWARE
Toronto, Ontario (June 28, 2007) - Wellington Financial LP, a privately held specialty finance firm, today announced a $4 million venture debt debenture financing for Eedo Knowledgeware (“Eedo”). Eedo, based in Gatineau, P.Q., is a leading innovator of online real-time learning and knowledge systems used to drive productivity and efficiency in the workplace. The funds will be used to fuel Eedo’s ongoing growth requirements.
“The Eedo team has done a fantastic job achieving a number of significant milestones. And it has done so without any outside equity support. A tremendous foundation has been laid, with a growing list of world class customers, and a product that is second to none,” said Mark Usher, Partner of Wellington Financial LP. “We are very pleased that Eedo has chosen Wellington Financial’s True Growth Capital to support its next stage of significant growth.”
Eedo’s main product, ForceTen, is a browser-based learning content management system which effectively manages learning programs, knowledge sharing, assessment, rapid authoring and performance support. This blended approach allows ForceTen and its suite of complementary products to reduce the cost of learning development and provide rapid learning to employees, giving clients a competitive advantage in the marketplace.
“This new financing will help us capitalize on the growing number of companies that are turning to learning content management systems to help them drive employee productivity while reducing the cost of learning,” said John Hudson, CEO, Eedo Knowledgeware. “We regard Wellington Financial as a partner in this next stage of our growth and look forward to working together to achieve our milestones.”
LaBarge Weinstein and Borden Ladner Gervais LLP provided legal advice for this transaction.
Wellington Financial LP is currently managing a $400 million investment program via Wellington Financial Fund III. Since inception, Wellington Financial LP has led or participated in more than $200 million in transactions, making it one of the most active funds of its kind in Canada.
About Wellington Financial LP
Wellington Financial LP is a privately held specialty finance firm providing operating lines of credit, term, venture and amortizing loans up to $40 million. Wellington Financial LP is currently deploying a $400 million investment program via its third fund. The fund’s clients vary in size and business model, but generally have current year revenue of approximately $5 million. 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 Fund III. Limited partners include several of Canada’s largest institutional investors, crown corporations, financial institutions and pension funds. Please visit the fund website at http://www.wellingtonfund.com, or the Wellington Financial team blog at http://www.wellingtonfund.com/blog.
For more Information, please contact:
Amy Olah
Marketing Manager, Wellington Financial LP
Tel: (416) 682-6002, .(JavaScript must be enabled to view this email address)