Tideline Capital, a company that provides outsourced vendor financing services for the software industry has secured US$105m and closed the first ever software receivables securitisation facility.
The company will use the funds to underwrite instalment payment agreements for the software purchases made by the customers of Tideline's clients. Wachovia Securities provided US$100m and Comerica Bank provided US$5m of the facility. Tideline also has raised more than US$10m in equity commitments as part of a Series A round co-led by Voyager Capital and Odin Capital Group with participation from Windingo Partners.
This funding will help expand the company's operations and support its financing activities. Law firm Morrison & Foerster LLP represented Tideline Capital in the deal.
