Wellington Financial Provides $5.5 million in Financing to Telekenex
SEATTLE and SAN FRANCISCO, Aug. 9 /PRNewswire-FirstCall/ - Wellington Financial LP, a privately-held specialty finance firm, today announced it has provided US$5.5 million in debt financing for IXC, Inc. (dba Telekenex) based in Seattle, Washington and San Francisco, California. The financing provides Telekenex with the True Growth Capital necessary to continue their growth and penetration in the managed voice and data services market. Telekenex's primary venture capital investors include Walden Venture Capital, Altos Ventures and Industry Ventures, all of northern California.
"There is no doubt that Telekenex has become a formidable force in the managed services industry. Their enhanced voice/data solutions improve employee productivity and achieve a positive customer experience," said Eric Speer, Vice President at Wellington Financial USA Inc.'s Santa Monica, California office. "They are adding new customers quickly and we are pleased that our capital can allow them to continue their current growth momentum."
Telekenex is a business-grade IP service provider with a robust private international IP network and innovative solutions, including: Managed Ethernet, SIP Trunking, Private MPLS + Internet, Managed Data Center and a full suite of IP Telephony solutions. Telekenex has helped SMBs and enterprises reduce costs, increase employee productivity and eliminate the expense and complexity of managing legacy PBX and data equipment solutions.
"Wellington Financial quickly grasped a clear understanding of our business allowing for a smoothly executed due diligence process and well-timed close," said Brandon Chaney, CEO for Telekenex. "Wellington Financial is a key partnership for us to help execute on our growth strategy that includes acquiring smaller non facilities-based resellers."
Cooley LLP and DLA Piper provided legal advice on this transaction.
Since 2004, Wellington Financial LP has led or participated in more than $335 million in transactions, making it one of the most active funds of its kind in North America.
About Wellington Financial LP
Wellington Financial LP is a privately-held specialty finance firm providing revolving lines of credit, term, venture and amortizing loans up to $40 million. Wellington Financial LP is currently managing a $450 million investment program via Wellington Financial Fund III, with offices in Toronto, Canada and Santa Monica, California. Wellington Financial LP is managed by a partnership controlled by fund management and Clairvest Group Inc. (CVG: TSX), who jointly have contributed a large financial stake to Fund III. LPs include several of Canada's largest institutional investors, crown corporations, financial institutions and pension funds. Please visit the fund website at www.wellingtonfund.com, or the Wellington Financial team blog at www.wellingtonfund.com/blog.
Headquartered in Seattle, Washington, Telekenex is a business-grade IP service provider with a robust private international network and innovative managed solutions, including Hosted VoIP, MPLS + Internet, Managed Ethernet and Data Center. For more information, visit www.telekenex.com.
SOURCE Wellington Financial LP