Thursday November 14, 2019 0 comments
FORT COLLINS -- CIBC Innovation Banking announced two separate transactions totaling $16 million for Madwire, LLC, a Fort Collins-based technology company that provides software and services to meet business management and marketing needs for small-to-medium sized businesses (SMBs).
CIBC initially provided $10 million of working capital financing to help support Madwire’s continued operational expansion. Subsequently, Canada-based CIBC provided an additional $6 million term facility to finance Madwire’s October acquisition of SpaceCraft, a cloud-based website development and management platform located in Austin, Texas.
This transaction is Madwire’s second in the last 15 months, following the acquisition of payments company, SilverEdge, in 2018.
“Madwire has established itself as a major tech company in Northern Colorado,” said Charlie Kelly, managing director with CIBC Innovation Banking’s Denver office.
“They have a clear product vision and through their efficient growth, have built a scalable software platform alongside a flexible professional services organization. Madwire has also capitalized on a strong brand to attract talent.”
The SpaceCraft acquisition further extends Madwire’s technology platform and will accelerate growth on the company’s path to fulfilling its mission to help SMBs succeed, the company said.
SpaceCraft’s nearly 10,000 customers has expanded Madwire’s overall paid subscribers to more than 20,000 SMBs. The retained Austin office will serve as a launchpad for future growth and talent acquisition, Madwire said.
“CIBC’s approach to supporting high-growth software companies was a great fit for Madwire,” said Madwire CFO Matt Bryson.
“They had a flexible solution to our initial capital need, and then responded quickly to support our acquisition. We appreciate their partnership and long-term view on the value that our team is creating.”