Wellington Financial Leads $3 million Financing for Vision Critical Communications Inc.
Toronto, Ontario (October 24, 2006) - Wellington Financial Fund LP, a privately held specialty finance firm, today announced the second investment of its recently closed and oversubscribed Fund III. The $3 million debenture financing with Vision Critical Communications Inc. (“Vision Critical”) will facilitate the launch of a full-service strategic market research consultancy through Angus Reid Strategies and help finance the company’s growth strategy. Existing shareholder, Angus Reid, also participated in the financing.
“Today’s investment pairs Wellington Financial with one of the most respected market researchers in Canada. Leveraging the power of online panels and interactive survey environments, Vision Critical, along with Angus Reid and his team, is poised to provide a competitive, innovative alternative in the North American market research industry. Their successes to date in deploying industry-changing platforms make them a natural partner for Wellington,” said Mark McQueen, President and Chief Executive Officer of Wellington Financial. “Our venture debt capital will assist Angus and the Company to substantially grow revenues and re-enter the full-service market research space – an arena in which Angus has already achieved notable success.”
Founded in 2000, Vision Critical develops and operates software and tools that are used to help companies recruit, engage and learn more from their customer advisory panels. Its Panel+ platform enables self-serve polling and surveying by Global 5000 companies using their own panels. Vision Critical’s Fusion suite is a group of rich media applications including interactive visualizations, streaming video and 3D virtual environments, which aid in increasing participation rates by providing new, unique ways of extracting information and opinions from consumers. Its sister company, Angus Reid Strategies, was recently launched and will offer full-service market research and consulting services that leverage the online technology provided by Vision Critical to organizations in both Canada and the United States.
“The Wellington Financial team has a clear understanding of the growth potential that interactive online polling, surveys and panels can bring to the traditional market research industry,” said Angus Reid, CEO of Vision Critical. “We are pleased to have Wellington Financial play a role in the growth and expansion plans of our business.”
Vision Critical in conjunction with Angus Reid Strategies, is headquartered in Vancouver with additional offices in Toronto and Calgary. Vision Critical currently employs approximately 65 individuals and continues to grow its market research team. Customers include Nestle, OMD and Indigo Books & Music. Existing investors include Telus Corporation and Vision Critical management.
Chaitons LLP and Irwin, White & Jennings provided legal advice for this transaction.
Wellington Financial LP is currently managing a new $400 million investment program via Wellington Financial Fund III. Since inception, Wellington Financial LP has led or participated in more than $155 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 from $1 million to $5 million; term and amortizing loans up to $30 million; and venture debt loans up to $10 million. Wellington Financial LP is currently deploying a $400 million investment program via its third fund. The company’s clients vary in size and business model, but generally have current year revenue in excess of $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 Funds II and III. Limited partners include several of Canada’s largest institutional investors, crown corporations, financial institutions and pension funds. Please visit the company’s website at www.wellingtonfund.com, or the Wellington team blog at 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)