SaaS Capital Portfolio Company, FreeAgent, Raises £10.7m from Initial Public Offering
November 16, 2016
CINCINNATI, NEW YORK, SEATTLE, November 16, 2016 – SaaS Capital, the leading provider of Committed Credit Facilities to SaaS companies, today announced that portfolio company FreeAgent began trading on the AIM market of the London Stock Exchange, trading under the stock symbol FREE.
The initial public offering raised £10.7 million from investors.
FreeAgent is the UK’s market leader in software-as-a-service accounting for micro-businesses. They will use the funds to accelerate product development with a focus on the digital tax agenda, to scale-up customer acquisition with a particular emphasis on large accountancy practice customers.
“We are so happy for the team there. An incredibly focused group that has forged their own way, accomplished so much without venture funding, and is on to their next great chapter of growth,” said Todd Gardner, Founder and Managing Director of SaaS Capital.
FreeAgent provides the UK’s market-leading online accounting system specifically designed to meet the needs of micro businesses, freelancers and their accountants. More than 40,000 customers currently use the award-winning system to manage and maintain their business accounts, track time, log their expenses, create and send invoices and forecast their tax bills.
About SaaS Capital
SaaS Capital is the leading provider of long-term Committed Credit Facilities to SaaS companies. Focusing exclusively on the SaaS business model, SaaS Capital delivers faster decisions, more capital, and longer commitments. SaaS businesses have used SaaS Capital’s Committed Credit Facilities, instead of equity, to finance growth and create hundreds of millions in enterprise value without sacrificing significant ownership or control. Also, through its partnership with DH Capital, a boutique investment banking advisory firm, SaaS Capital can assist with M&A and capital raising services. SaaS Capital has offices in Cincinnati, New York, and Seattle. Visit www.saas-capital.com to learn more.
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