| [September 26, 2007] |
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ORIX Venture Finance Provides $18M Debt Financing to mindSHIFT
NEW YORK --(Business Wire)-- ORIX Venture Finance (OVF) announced today that it has provided mindSHIFT Technologies, Inc. with $18 million in debt financing. mindSHIFT is a leading IT managed services provider (MSP) with a significant presence in the small and medium sized business space.
In conjunction with a recent equity raise, the acquisition financing and a revolving credit line was used to merge with Invision, a managed IT service provider located in New York. The merger expands mindSHIFT's comprehensive portfolio of data and voice services - which includes managed IT services, software-as-a-service (SaaS), managed VoIP, compliance and professional services - with two critical value-added services: managed hosting and e-business applications. This merger is mindSHIFT's third transaction in 2007. Going forward, OVF has the ability to continue to financially support the company as it grows organically and through acquisition.
Commenting on the transaction, Henry O'Connor, Managing Director, of ORIX Venture Finance, said, "In addition to a seasoned management team, mindSHIFT has demonstrated consistent financial performance and solid market presence. We look forward to a strong partnership as we continue to support the Company and its capital needs to fuel further growth."
Paul Chisholm, CEO, mindSHIFT, added, "ORIX Venture Finance is a committed financial partner that is able to provide flexible financing solutions to meet our growth needs."
About ORIX Venture Finance
ORIX Venture Finance provides enterprise financing to mid- and late-stage venture capital-backed companies via acquisition financing, expansion capital, working capital term loans and credit lines, and equity co-investments. The Venture Finance team, staffed with highly seasoned venture lending professionals, meets the challenges facing growth companies by structuring flexible financing packages that meet your unique needs. We are a stable and reliable partner dedicated to supporting the growth and success of professionally backed companies with a range of debt products. Please visit www.orixventurefinance.com for more information.
About mindSHIFT Technologies, Inc.
With operations in Boston, New York, Philadelphia and Washington D.C., mindSHIFT is a leading Managed Services Provider (MSP) offering both managed services and professional services to small- and medium-sized businesses. The company's portfolio of managed services provides a comprehensive solution which includes such critical services as email management and administration, electronic backup for servers and desktops, virus and spam protection, desktop support, and server management. All customers are supported by both a 24-hour Network Operations Center for proactive management support and a call center which diagnoses and resolves all end-user desktop issues. For advanced and larger businesses, the company provides business application migrations, storage area network upgrades and complex hosting applications. Additionally, mindSHIFT has superior expertise and experience in meeting the complex demands of the legal community for the integration of applications such as document management. For more information, please visit www.mindshift.com.
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