Farlie Turner Gilbert Advises SimSpace in $45 Million Growth Equity Private Placement from L2 Point Management

FORT LAUDERDALE, Fla., March 21, 2024 /PRNewswire/ -- Farlie Turner Gilbert & Co., LLC ("FTG"), a leading investment bank serving middle market companies, announced today that its affiliate Bayshore Partners, LLC advised SimSpace Corp. ("SimSpace" or the "Company") in its recent $45 million equity private placement led by L2 Point Management ("L2 Point"), a private investment firm specializing in flexible capital solutions for growth companies.

Based in Boston, Massachusetts, SimSpace is a US-based market leader in military-grade cybersecurity. SimSpace has developed government-grade cyber ranges since 2015 and is uniquely positioned to capitalize on a 2030 cybersecurity market set to top $480 billion. This $45 million investment brings the total capital raised by SimSpace during 2023 to approximately $70 million, including an earlier investment from Arsenal Growth, and will support the Company's continued growth trajectory, which includes its expansion into new geographies.

William ("Hutch") Hutchison, Chief Executive Officer of SimSpace, remarked: "We enjoyed working with FTG immensely. Their senior partners provided expert advice to SimSpace and were available 24/7 for counsel on a variety of key strategic issues in connection with our recent financings."

Scott Saunders, Managing Director of FTG, said: "It was a pleasure to work with SimSpace's experienced mnagement team, L₂ Point, and Arsenal Growth. We believe the Company is well positioned for strong future growth."

The private placement for SimSpace represents another successful transaction for FTG's capital markets practice, which focuses on capital raises of $25 million to $350 million for growth companies and those with complex capital structures.

About SimSpace
SimSpace is the global leader in military-grade cyber ranges, founded by experts from U.S. Cyber Command and MIT's Lincoln Laboratory to respond to a new era of unprecedented cyber threats. The company's Cyber Force Platform enables the most sophisticated enterprises, governments, and critical national infrastructure organizations to find intelligence-driven answers to the most vexing security, governance, training, and cyber readiness questions. SimSpace's Cyber Force Platform results in an average reduction in cyber operational costs of 30% and a 40% reduction in breaches. For more information, please visit: www.SimSpace.com.

About L₂ Point Management
L₂ Point Management is a San Francisco based investment firm providing innovative capital solutions for growth companies. With expertise across the capital structure, L₂ Point works to address a common concern of late-stage companies today: the lack of an alternative cost of capital product between highly dilutive growth equity and operationally restrictive debt. For more information, please visit: www.L2-Point.com.

About Farlie Turner Gilbert
Farlie Turner Gilbert & Co., LLC, and its affiliate Bayshore Partners, LLC, a broker-dealer registered with FINRA, provide merger and acquisition, private placement and financial advisory services to middle market companies. Please visit www.ftgco.com for more information.

MC:
Scott Saunders
[email protected]

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