NEW YORK, NY – January 13, 2014 – SaaS Capital, the leading provider of alternative growth financing for SaaS businesses, announced today that it has provided a $2.0 million line-of-credit to Certica Solutions. Based in Wakefield, MA, Certica is the leading provider of K-12 education performance management solutions. Certica will use the SaaS Capital funding to invest in product development and to accelerate the pace of customer acquisition.
Certica’s performance management solutions enable administrators and educators at K-12 schools, districts and educational service agencies to more easily analyze, track, and improve performance through better use of student, school and teacher data. Founded in 2001 as a consulting firm serving the U.S. Department of Education, Certica now counts among its SaaS application users over 600 districts, charter networks, charter schools and private schools, as well as a number of educational service agencies nationwide.
“We’re excited to have joined the SaaS Capital portfolio as we believe there is incredible alignment between our business models relative to the size of our company and the structure of the capital they provide,” comments Mark Rankovic, CEO of Certica Solutions. “We were looking for a modest amount of capital to invest in additional product development and acceleration of customer acquisition, and the SaaS Capital line-of-credit provides the right amount of capital in a non-dilutive form.”
“Certica Solutions is a good fit with SaaS Capital, and we are pleased to have partnered with them,” comments Todd Gardner, CEO of SaaS Capital.“ They have a wonderful foundation of established customers, as well as the products and team to drive sustained growth. With a SaaS Capital MRR-based line-of-credit, Certica will be able to accelerate investments in product development for its existing Certify and TestWiz products, as well as a forthcoming analytics offering that is under development.”
About SaaS Capital
Founded in 2006, SaaS Capital is the pioneer provider of debt-based growth capital for SaaS companies. By leveraging the predictable revenue streams of the SaaS business model, SaaS Capital allows companies to use debt instead of equity to fund investments in sales, marketing, and new product development. SaaS Capital’s line-of-credit approach combines more availability and longer terms, with more flexible drawdown and repayment, versus other lenders in the market. Through its partnership with DH Capital, SaaS Capital can also assist with a variety of M&A and capital raising advisory services. To learn more about SaaS Capital, visit www.saas-capital.com.
About Certica Solutions, Inc.
Certica Solutions provides performance management solutions to K-12 schools, districts and educational service agencies, giving administrators and educators the ability to easily analyze, track and improve performance through better use of student, school and teacher data. Founded in 2001 as a consulting firm serving the U.S. Department of Education, Certica now counts among its SaaS application users over 600 districts, charter networks, charter schools and private schools, as well as a number of educational service agencies nationwide. To learn more about Certica Solutions, visit www.CerticaSolutions.com.
We looked at different financing alternatives to fund our growth including venture capital, venture debt, and commercial banks. SaaS Capital's approach allows us access to the greatest amount of capital with a line-of-credit that provides us flexibility around when we borrow and repay.
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