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TD Bank Provides $7MM Revolving Credit Facility to MediaValet

January 20, 2022, 07:37 AM
Filed Under: Marketing

MediaValet, a leading provider of enterprise digital asset management and creative operations software, entered into a new credit facility pursuant to the terms of a credit agreement entered into between the Company and TD Bank Group that provides for a $7 million senior secured revolving operating line. The Credit Facility is undrawn as of today's date.

"We are very pleased to be putting this credit facility in place and we're grateful for the support TD has provided us since the early days of MediaValet," said David MacLaren, Founder and CEO of MediaValet. "We've invested heavily in our business in 2021, doubling our operational size, in order to lay the foundation for the next stage of our growth as we continue to execute on our mission to be the world's leading enterprise DAM vendor - in an industry that's expected to grow from U.S. $4.3 billion this year to U.S. $10 billion by 20261. We now have an operating line that will grow in step with our annual recurring revenue (ARR) and ensure we have ample growth funding for future years."

"The Credit Facility will provide us with a capital efficient way to optimize our working capital and the ability to retain our flexibility," said Dave Miller, MediaValet's Chief Financial Officer. "This strengthens our financial position, adding access to $7 million in addition to the $10.3 million of Modified Working Capital2 we reported at September 30, 2021, minus $1 million that will be used to repay our senior debt. At our current size and growth trajectory, this provides us with a flexible capital solution to support our growth requirements."

Pursuant to the Loan Agreement, the Credit Facility is secured against the assets of the Company. The Credit Facility is expected to be used by the Company to fund working capital in support of the continued growth objectives.

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