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Runway Growth Capital Closes $75MM Senior Secured Term Loan with VertexOne

February 09, 2022, 07:50 AM
Filed Under: Technology

Runway Growth Capital closed a senior secured term loan commitment of $75 million with VertexOne, a recognized leader in SaaS platforms for critical business processes of utilities across North America.

VertexOne is an example of a private equity-backed company utilizing venture debt to help achieve its growth goals. Runway has been increasingly relied upon by private equity firms to structure flexible debt solutions that enable their portfolio companies to develop their businesses.

“As private equity-backed businesses become more familiar with the value of flexible growth debt solutions, they’ll find a knowledgeable and ready partner in Runway,” said Mark Donnelly, Managing Director, Head of Origination at Runway. “Runway is one of only a few growth lenders who are equipped to underwrite and structure a flexible loan for private equity-backed companies looking to make the most of their growth opportunities.”

"Venture debt provides an efficient source of capital in addition to private equity, to further our mission and reach our market potential," said Andrew Jornod, President and CEO of VertexOne. “From their understanding of our vertical market to how we run our business, Runway’s experience and tailored approach gave us confidence that we were well positioned for our growth opportunity.”

“Runway is an ideal partner to VertexOne as the company continues its growth as a leading provider of technology-led SaaS-based solutions to utility customers,” said Ke Ding of DFW Capital Partners. “We are excited to welcome Runway as forward-thinking, flexible debt capital partners with an intuitive understanding of technology and VertexOne’s strategic market opportunity.”

VertexOne is one of the only cloud-based solutions available to energy and utility managers gaining traction, as many of the energy and utility companies who traditionally resisted this evolution of their services are now beginning to accept the digital future. Offering services such as Customer Information Systems (CIS), Mobile Workforce Management (MWM), Meter Data Management (MDM), Digital Customer Engagement, Conservation and Customer Self Service, VertexOne is a major player in the utility industry.

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