PNC Bank Canada has completed a C$17 million financing for Doxim Solutions, a portfolio company of Strattam Capital and a provider of customer communications management software to the financial services industry. The PNC financing included a C$1.9 million senior secured revolver with a C$15.2 million senior secured term loan. The company will use the funds to refinance existing debt and for working capital needs.
Doxim’s products are used by financial institutions – banks, credit unions and wealth management firms – to communicate with clients and improve selling activities. Specific uses include automated account opening, loan origination, and targeted omni-channel customer communications. Doxim is led by founder and CEO Chris Rasmussen and is based near Toronto in Markham, ON (www.doxim.com).
Strattam Capital invested in Doxim in September 2014. In September 2015, Doxim completed the add-on acquisition of Roler Data, a provider of electronic document services – composition, processing, delivery and archiving – to financial customers. Then in May 2016, Doxim completed a second add-on acquisition with the buy of DigitalMailer, a provider of digital customer communications products used by credit unions and community banks.
Strattam Capital makes control investments in enterprise software, digital infrastructure, and tech-enabled services companies with enterprise values between $20 million and $150 million. The firm has offices in San Francisco and Austin (www.strattam.com).
PNC Bank, headquartered in Pittsburgh (www.pnc.com), is a member of The PNC Financial Services Group (NYSE: PNC). The bank’s services in Canada – commercial deposit, treasury management, lending (including asset-based lending) and leasing products and services are provided by PNC Bank Canada.
© 2016 Private Equity Professional • 10-6-16
