NEW YORK, NY - April 23, 2014 – SaaS Capital, the largest provider of alternative financing for SaaS businesses, announced today that it has provided a $6 million line of credit to Panopto. Based in Pittsburgh, Panopto provides corporations and universities with video platform software that is used to record and manage organizational video at massive scale.
“Video is fundamentally changing the classroom and the boardroom, and Panopto is on the forefront of that shift,” comments Todd Gardner, CEO of SaaS Capital. “Panopto has one of the most sophisticated and experienced management teams we have worked with, and we are excited to help them build on their momentum and market leadership. The SaaS Capital line of credit structure will allow them the flexibility to continue to aggressively invest in growth, while maximizing ownership and control.”
Since 2007, Panopto’s software has been adopted by more than 500 universities and Fortune 500 companies around the world. Businesses use Panopto to manage corporate video assets, webcast executive communications, create online training videos, live stream events, and promote social learning. Universities use Panopto to record lectures, employ a flipped classroom learning model, train faculty, and broadcast campus events.
“We are pleased to join the SaaS Capital portfolio,” said Dennis Farkos, CFO of Panopto. “Panopto continues to experience tremendous growth in the enterprise and higher education sectors, and in geographies around the world. We evaluated a number of alternatives for growth capital, and the team at SaaS Capital provided the most attractive option to invest in ongoing growth and expand the reach of our video platform.”
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.
Panopto creates software that enables enterprises and academic institutions to record and view searchable video presentations in minutes from any device. Panopto is currently in use at Fortune 500 companies around the world and is the fastest-growing lecture capture solution at leading universities. Privately-held, Panopto was founded in 2007 by technology entrepreneurs and software design veterans at Carnegie Mellon University’s School of Computer Science. For more information, visit www.panopto.com.
Although we received several outside funding offers, we knew SaaS Capital was the best fit for us at this stage. Working with SaaS Capital we’re able to avoid both the strict requirements of traditional bank financing and the ownership dilution that comes with an equity investor.
Founder and CEO, Webgility