Boston – November 9, 2007 – Specialty finance company Velocity Financial Group, Inc., is pleased to announce that Interwise, its inaugural venture client and a leading global provider of converged conferencing technologies, was recently acquired by a leading global telecommunications services provider. Velocity supplied Interwise with a subordinated term loan in June 2007 to support its growing working capital requirements and to refinance existing obligations. For specific information on the acquisition, please refer to www.interwise.com.
Velocity was launched by finance veterans, Jan Haas and Frank Cirone, in May 2007 with more than $500 million in available capital to provide creative, flexible financing solutions to venture-backed companies and capital equipment financing for middle market companies.
"We're delighted to see our client achieve its goals through this acquisition, which is also being hailed as an industry changing event in the area of unified communications," said Jan Haas, president and co-founder of Velocity Financial Group. "We aim to distinguish ourselves as a true partner and value added resource for our portfolio companies and align ourselves with market leaders. We derive a great deal of satisfaction when a portfolio company of ours achieves success for its employees and stakeholders, especially so early in our own development."
"With a strong customer base of Global 2000 companies and a leading Web collaboration tool addressing a growing market need, Interwise is a perfect example of the type of company Velocity is targeting with our full range of financing solutions for venture backed companies," said Haas.
Velocity is headquartered in Chicago and serves the venture community out of offices in Boston and Silicon Valley. Velocity is actively funding new transactions with a rapidly growing base of customers.