Vivonet Completes Financing…
Posted on Mon, May 17, 2010 @ 05:12 AM
Vivonet Completes US $8.5 Million Financing with
Maxam Opportunities Fund LP
Vancouver, British Columbia – May 17, 2010. Vivonet, a software as a service (SaaS) company and the leader in secure web-based point-of-sale (“POS”) for the North American restaurant industry, today announced the completion of a US $8.5 million secondary and treasury financing with Vancouver-based private equity firm, Maxam Opportunities Fund LP. Capital West Partners acted as financial advisor to Vivonet for the transaction.
“This financing provides Vivonet with capital to fund its explosive growth, and to execute on several market disrupting opportunities” said Vivonet CEO, Ryan Volberg. “Maxam’s limited partners include many of western Canada’s most successful entrepreneurs, including the owners of several of North America’s most successful restaurant and retail brands. Maxam’s entrepreneurial background and substantial resources makes them an ideal partner for Vivonet.”
“We believe restaurant POS represents a massive opportunity” said Maxam Managing Partner, Sean Morrison. “Vivonet’s unique, single data-file enterprise architecture, web-based POS solution is compelling for both small restaurants as well as for some of the world’s largest food services companies. We are excited to be partnering with Vivonet at a stage when they are gaining traction on a number of fronts.”
About Vivonet, Inc.:
Established in 1999, Vivonet is the restaurant industry leader in software as a service (SaaS) solutions that enable, acquire and organize over one hundred million transactions every month for customers in Canada and the United States. Vivonet provides Halo™ Secure Web Based POS and on-demand enterprise management, POS, payment processing and performance benchmarking solution for its customers. Vivonet’s unique ability to aggregate the transaction data created by its customers allows their customers to benchmark their performance against other users and the industry at large – leading to better performance and higher business success rates.
Vivonet, Inc. expects to over double revenue in 2010 and for the fourth consecutive year has made the Ready to Rocket 25 list, recognizing Vancouver’s highest growth companies.
About Maxam
Maxam Opportunities Fund LP is focused on investments in mid-market companies and has over $100 million of committed capital under management. Maxam targets investments in a variety of complex situations, including non-core asset divestitures, management-led buyouts, recapitalizations, distressed debt, bridge loans and public market investing. Further information about Maxam can be found at www.MaxamCapitalCorp.com.
Media Contacts:
Kevin Froese
Vice President Sales and Marketing
E: kfroese[@]vivonet.com
T: 1.866.512.2033 x 106
W: http://www.Vivonet.com
