Clairvest announces Wellington Financial provides $2.1 million follow-on financing for BorderWare
Toronto, Ontario (August 20, 2007) - Wellington Financial LP, a privately held specialty finance firm, today announced a $2.1 million follow-on debenture financing for Mississauga-based BorderWare Technologies Inc. (“BorderWare”). The initial round of financing in the amount of $6.4 million closed on February 28, 2007. BorderWare is a leading provider of messaging security, privacy and compliance solutions for carriers, enterprises and government. The latest round, combined with an incremental $3.75 million invested by BorderWare’s existing equity investors, will be used to fuel further growth opportunities for the company.
“BorderWare’s significant momentum combined with outstanding opportunities in their marketplace, make this a very attractive opportunity for Wellington Financial,” said Mark Usher, Partner at Wellington Financial. “BorderWare continues to be a high growth company with significant potential and we are very pleased to provide them with the True Growth Capital they require.”
“Fiscal 2007 was an exceptional year for BorderWare with unprecedented quarter-over-quarter revenue growth with a new enterprise customer purchasing BorderWare product every other day of the week,” said Tim Leisman, CEO of BorderWare. “In a highly competitive market, I’m pleased to say our pipeline and our competitive win rate are stronger than they’ve ever been. We are excited to have Wellington Financial continue their commitment to BorderWare’s growth.”
Founded in 1994, BorderWare has more than 6,000 customers in 65 countries with systems deployed at various corporations and government organizations. BorderWare continues to lead through innovation by delivering the industry’s first truly integrated messaging security platform this past May 2007. The BorderWare Security Platform (BSP) is a comprehensive messaging security platform that delivers industry leading inbound network and application layer threat protection, outbound content control for regulatory compliance and data leakage protection, and integrated infrastructure management across email, IM, and web applications. For the past two years, BorderWare has led the market with the industry’s first multi application IP reputation service. The BorderWare Security Network (BSN) integrates with BSP and provides real-time IP reputation services and proactive threat management to the Platform based on a global network with over 500 million sources of information. BSN is the industry’s first multi application IP reputation service correlating threat information and IP reputation across email, FTP, web, and VoIP applications. BorderWare Security Platform and Security Network deliver comprehensive security that is easy to use and scalable from small business to the largest enterprise while driving costs down by 50%.
Stikeman Elliott LLP and LaBarge Weinstein 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 over $210 million of 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.
About Borderware
BorderWare Technologies is a global vendor of messaging security, privacy and compliance solutions. BorderWare has been protecting enterprises of all sizes and governments worldwide for over 13 years against the risks and threats associated with today’s converging Internet threat landscape across Email, IM, Web, VoIP and the network perimeter. BorderWare has developed partnerships and affiliations with some of the industry’s most prominent companies in Internet infrastructure, security and messaging including CommVault, Ericsson, F5 Networks, FaceTime Communications, Kaspersky Labs, LignUp, Marconi, McAfee, Mitel, Natural Convergence, PostX, PGP, RSA Security, Radware, snom technology, Sun Microsystems, SurfControl, Symantec, Ubiquity, Utimaco, Zfone. Thousands of customers worldwide have selected BorderWare for its superior security, high performance and lower total cost of ownership. For more information please visit http://www.borderware.com or call 1-877-814-7900.
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)
Jennifer Brooks
PR & Communications Manager, BorderWare
Tel: (905) 804-1855, .(JavaScript must be enabled to view this email address)