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GovTech SaaS company Thentia announces $15M credit facility with Espresso Capital marking second major capital event in 2021Espresso Capital financing represents latest in a series of commitments from leading North American technology investors TORONTO, Oct. 6, 2021 /CNW/ - Thentia, a global leader in GovTech software as a service (SaaS), announced today that it has secured a $15 million credit facility to support key investments and acquisitions as the company accelerates its rapid expansion into new markets. This latest financing marks Thentia's third financing from Espresso Capital, a leading provider of venture debt solutions, and its second major capital event this year. Thentia has partnered with licensing agencies across more than 90 occupations and industries coast-to-coast to help them achieve regulatory excellence using its proprietary cloud-based licensing platform, Thentia Cloud, a turnkey cloud software solution that supports all critical regulatory functions, including license registration and renewals, quality assurance, complaints management, governance, finance, document management, analytics, and more. The company has seen impressive growth in 2021, increasing its employee base by 300% in just the past two quarters with the majority of new employees based in the U.S. Thentia and Espresso Capital first partnered in September 2018 on an initial venture debt round that helped Thentia expand its suite of enterprise technology solutions. In 2019, the credit facility was upsized. Partnering with Espresso on this $15 million credit facility will allow Thentia to continue to fuel its rapid ascent to the top of GovTech by enabling the company to continue executing on its key strategies while making important investments and acquisitions to enhance its core offerings, provide exceptional customer service to new and existing clients, ramp up its sales and marketing efforts to reach new audiences, and to deliver new products and services that deliver incremental revenue opportunities.
Julian Cardarelli, Thentia's Chief Executive Officer, says he is thrilled to continue the long-term partnership with Espresso Capital. "In selecting Espresso as our lending partner back in 2018, I was convinced that their unique capabilities provided the best growth platform for Thentia. This latest investment shows the confidence that Espresso has in Thentia to become the dominant player in the occupational licensing and government technology industries," he says. "We're looking forward to continuing our work with Espresso and other key players in the investment ecosystem as we accelerate our growth in the Canadian, U.S., and EMEA markets." "We're excited to expand our partnership with Thentia and to support the company on this next step in their growth journey as they continue to expand into new markets, further enhance their product, and accelerate their go-to-market strategy," says Will Hutchins, Managing Director, Espresso Capital. "This upsized facility gives them the additional capital to expand their business while pursuing a number of important opportunities across North America and the EMEA region." Thentia was advised on the financing round by Blake, Cassels & Graydon LLP. About Thentia: Founded in Canada, with operations in the U.S. and trusted by regulatory agencies in North America and worldwide, Thentia was developed by subject matter experts with a mission to transform GovTech through best-in-class technological capabilities. Its secure, modern and elegant solution, Thentia Cloud, is revolutionizing the way agencies manage data and licensing by bringing the entire process into the 21st century with speed, automation, ease of use, and best-in-class support. For more information, visit thentia.com. About Espresso Capital: Espresso empowers companies with innovative venture debt solutions. Since 2009, we've helped more than 300 technology companies and their investors accelerate growth, extend runway, and increase strategic flexibility with non-dilutive capital. Learn more at www.espressocapital.com. View original content:https://www.prnewswire.com/news-releases/govtech-saas-company-thentia-announces-15m-credit-facility-with-espresso-capital-marking-second-major-capital-event-in-2021-301394352.html SOURCE Thentia Corporation |