Mr. David MacLaren reports
MEDIAVALET ANNOUNCES CREDIT FACILITY INCREASE TO $9M
MediaValet Inc.'s credit facility with TD Bank Group has been increased to $9-million (previously $7-million).
"The increase in our revolving credit facility aligns with the increase of our annual recurring revenue in 2022 and supports our expected growth in the coming year," commented David MacLaren, founder and chief executive officer of MediaValet. "Further, it reflects our go-to-market success to date, our consistent high-growth ARR performance year over year and the long-term opportunity ahead of us in the DAM market. As we strive to increase our market share further in 2023 and strengthen our leadership position in the global DAM industry, access to sufficient growth capital is mission critical."
"As originally reported in Q4 2021, the revolving credit facility provides us with an efficient low cost of capital alternative to optimize our working capital and retain our operational flexibility," said Dave Miller, MediaValet's chief financial officer. "This increase, along with the $3.0-million private placement that we announced on Dec. 30, 2022, adds to the $2.89-million of modified working capital reported in our Q3 results, further strengthening our financial position. Based on our current growth trajectory and disciplined operational spending, we believe this increase in available growth capital puts us in a position of financial strength as we enter 2023."
Pursuant to the loan agreement, the credit facility is secured against the assets of the company. The credit facility is expected to be used by the company to finance working capital in support of the continued growth objectives.
About MediaValet Inc.
MediaValet stands at the forefront of the enterprise, cloud-based digital asset management and creative operations industries. Built exclusively on Microsoft Azure and available across 61 Microsoft data centre regions, covering 140 countries around the world, MediaValet delivers unparalleled enterprise-class security, reliability, redundancy, compliance and scalability while offering the largest global footprint of any DAM solution. In addition to providing enterprise DAM capabilities at a global scale, desktop-to-server-to-cloud support for creative teams, and overall cloud redundancy, security and management for all source, WIP and final assets, MediaValet offers industry-leading integrations into Slack, Adobe Creative Suite, Microsoft Office 365, WorkFront, Wrike, Drupal, WordPress and many other best-in-class third party applications.
© 2023 Canjex Publishing Ltd. All rights reserved.