Clairvest Announces WELLINGTON FINANCIAL PROVIDES $4 MILLION FOLLOW-ON FINANCING TO VISION CRITICAL COMMUNICATIONS INC.
Toronto, Ontario (September 18, 2007) - Wellington Financial LP, a privately held specialty finance firm, today announced a follow-on $4 million financing commitment to Vision Critical Communications Inc. (“Vision Critical”). The initial $3 million venture debt financing closed October 24, 2006. An additional $4 million in equity was raised in early 2007. This latest financing will further accelerate the company’s growth strategy including advancing its full-service strategic market research consultancy business through Angus Reid Strategies.
“Today’s investment builds on a year-long relationship between Wellington Financial and one of the most respected market researchers in Canada. Angus Reid and his team have demonstrated that online panels and interactive survey environments are the way of the future in the North American market research industry. We are pleased to have the opportunity to provide the additional True Growth Capital required by the Company to continue building their business,” said Mark McQueen, President and Chief Executive Officer of Wellington Financial. “This latest financing will ensure that Angus and the team have the cost-effective growth capital they need to serve many of the most sought-after market research clients on the continent.”
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.
“Wellington Financial understands our business and the needs of an entrepreneurial culture,” said Angus Reid, CEO of Vision Critical. “We are delighted in the confidence they have shown in our company.”
Vision Critical in conjunction with Angus Reid Strategies, is headquartered in Vancouver with additional offices in Toronto, Montreal and Calgary. Vision Critical currently employs approximately 170 individuals and continues to grow its market research team.
Chaitons 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 $215 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.
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)